If you’ve ever developed an invention, you are aware of the excitement that this process carries. The journey from an idea to a tangible invention is filled with excitement, frustration, and determination.
So, how do you protect your labor and stop others from ripping off your invention?
You do so by getting a patent, even if you run a small business.
Small Business and Patents
You do not need a patent to operate a business. However, it can have a significant influence on the likelihood of your business achieving success.
Patents protect inventions from being used or copied without one’s permission to do so. If you want to make money with your invention, you need a patent. They can be valuable assets. With a patent, you can have licensing rights, attract investors, and generally create barriers to entry for competitors.
Whether or not your small business needs a patent will depend on many factors. They include the type of business, the industry you’ll be in, what you offer, and your long-term goals.
What Is a Patent?
The United States Patent and Trademark Office (USPTO) defines a patent for an invention as “the grant of a property right to the inventor.”
A patent helps safeguard the methods, principles, and elements of an invention. A small business patent is for a term that begins on the application date with the USPTO. Generally, this lasts 20 years from the date the patent was issued. Patents are much less common for small businesses than trademarks and copyrights, but this type of intellectual property protection is still warranted for inventions.
Reasons to get Patent Intellectual Property Protection for your Small Business
A patent provides your invention with protection for 20 years. You will be able to stop people from making, using, or distributing your invention during this time. It essentially gives you a competitive edge for a while so your small business can further its development of inventions and market them without worrying about competition or infringement.
Start-ups and small businesses operate in a very competitive environment, and patents offer small business owners that small edge over larger, more established competitors. They offer businesses, no matter the size, an opportunity to achieve success and be able to compete with larger organizations.
Patents are valuable, and their significance cannot truly be understood and explained. These are some more reasons to consider obtaining a patent for your small business.
1. It protects your invention
Patents protect businesses from everyone else who wants to manufacture or sell something similar or the same. You, as the patent holder, have the exclusive rights to manufacture, distribute, and license your invention. If someone makes, sells, or uses your patented product, you should be able to bring legal action against them.
While this protection exists, you must keep in mind that the protection is guaranteed only in the country where you have registered your patent.
2. It gives you a competitive advantage
There is significant value in being first to market. First-to-market companies are typically seen as the industry leader, which may help build brand credibility and customer loyalty.
Take Apple’s 2009 patent for touchscreens as an example. Apple was able to protect its patented innovation of the touchscreen while preventing competitors from imitating it. This exclusivity empowered Apple’s brand and made it a leader in the smartphone market.
3. It helps in generating revenue
A patent is an IP asset with potential value that appreciates over time. This is more so if you have implemented a patent in the right way. Innovations that can be protected by patents can be licensed and sold for profit.
4. It helps in boosting your business’s value
Having intellectual property can generate investor interest for you, give you leverage in negotiations, enhance the value of your business, and grow the value of your exit strategy.
IBM has a large and highly diverse patent portfolio. The way IBM aligns patents and business strategy has allowed the technology giant to safeguard its intellectual property by differentiating itself from its competitors, contributing to its worldwide success and, ultimately, its higher company value.
As a small business, reaching the IBM standards might be difficult at this stage, but not impossible. By continuously taking care of your patent registrations, you will eventually be able to reach that position.
Filing a patent application
By now, you probably know why a patent is needed for your product or service. Your next step is to understand the patent application process.
As you gear up to apply for a patent, think about the following items:
What route will you be adopting for your application? You can either file as an individual/Pro Se or work with a patent attorney or agent.
Are you going to file a provisional or nonprovisional application? This may depend on the type of Small Business patent you are applying for.
Do you have sufficient funds set aside for the fees? There are numerous fees associated with the patent process, such as application fees, search fees, examination fees, and possibly issue fees.
How soon do you need the patent? You may want to look at expedited examination options to file for and possibly receive your patent much sooner.
Do I have all of the documents I need for my application? Your patent application documents may include an oath or declaration, drawings, and several other written documents. Make sure you understand what each required document is to get your patent, and include this with your application.
Which option is better for me, mailing it or submitting it online? Make sure to check everything before doing this last step to guarantee your application is complete. Keep in mind that once your application is submitted to the USPTO, you won’t be able to add new items.
After completing all these steps, you are done with your application, and you will soon receive notice of approval and a patent grant in the mail. Now, the next step is to maintain your patent over the years so that its registration does not expire and you do not lose rights to your IP.
You should work with a patent attorney at specific times
Intellectual property law knowledge runs deep when you submit your patent application. Our patent attorney can:
- Determine if your invention qualifies for patent protection.
- Create a powerful patent submission that prevents typical errors.
- Make sure your patent rights stay protected and fight back when someone infringes on them.
Our attorney partner helps you protect your innovation while setting it up for success.
If you have questions about handling patents, reach out to Drishti Law at 773-234-1139 for a free consultation. Our experienced attorneys are here to guide you through the patent registration process, helping to ensure that your small business receives the protection it deserves under state and federal laws.
Sahil Malhotra
Sahil Malhotra is an Intellectual Property Attorney, who founded Drishti (“vision”) law because of his vision in protecting dreams and ideas.
He provided individuals and small businesses with an opportunity to enhance their IP’s value by helping them register trademarks and successfully argue against office actions. In addition to his training and experience, he has been deeply involved in the multifaceted IP portfolio at UIC and continues to be associated with IP organizations and conferences.
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