What is a patent?
A patent is a form of intellectual property. Patents are filed by the innovators, the owners of the inventions. A patent gives the innovators legal rights to protect their ideas.
Having a patent has three key impacts over your business:
It gives you the legal right to exclude others from making, using, selling, and importing your patented invention for a period of time. Therefore, it gives you the ease of stability for your business.
It increases your company’s valuation. Investors want to invest in ideas with a minimized risk. Startups with a patented ideas are more likely to get not just funding itself, but also an increased amount of investment.
It boosts your overall business performance. Patents incentivize research and development for your product. They also provide stability for your company, which boosts your sales, employee retention and much more.
However, not every idea is patentable. If you want to learn more about how to file for a patent, click here.