The Importance of Patenting Your Inventions

The world is awash with inventions now that technology is all over and many people have actually gained the knowledge on how to create software, among other things. Many of the inventions are technology-based and in all manner of fields. Most people spend a lot of time on their mobile phones and there is a need for different apps that bring about convenience in many ways. Things like electronics, security systems, vehicles, homes, and a host of other things have also taken the technology path.

We are now seeing conveniences such as smart homes, smart cars, and smart bikes, among other things, meaning that people aren’t asleep. They are constantly inventing new things that make life more convenient. With inventions come things like similarities and also the fact that some people might want to take advantage of other people’s inventions and benefit financially from them without giving credit to the inventors. This is one of the biggest reasons why we should patent our inventions. In this article, we are going to take a look at the importance of patenting your inventions.

The Importance of Patenting Your Inventions
The Importance of Patenting Your Inventions

Exclusive rights

You get to have exclusive rights to your inventions for twenty years from when you filed for the patent, and you can make money from them. People actually need your permission before they can use your invention, and especially if it is commercially. 

Strong market position

People and businesses can’t use your inventions commercially, and this means that the competition is greatly reduced, making you a statement in the market.

Higher returns on investments

It takes time and expertise to create these inventions, and it is therefore only fair for you to commercialize the invention and make money from it. This means that you’ll end up getting a higher return on investment for your SME.

Opportunity to license or sell the invention

There are many ways that you can exploit your invention such as selling or licensing the patent so that it becomes a source of steady income. This is a good alternative to exploiting the patent yourself.

Increase in negotiating power

Imagine trying to get the rights to use the patent of another company? They would probably walk all over you knowing that you’re their competition. On the other hand, if the patent belongs to you, it gives you more bargaining power if the other party has an interest in it. it is even easier for you to exchange patent rights with other businesses or people that have patents that you might also need.

Positive image for your enterprise

People or businesses that have patents have higher standings with their business partners and investors, since they look more specialized, or tend to have more expertise in their eyes. This makes it easier for them to acquire things like financing.

Legal Bay Lawsuit Funding

Lawsuit funding is whereby you get an advance from a financier based on the amount of compensation that you will be given once a lawsuit comes to an end. It can be used for patents, where someone has used your patent illegally and you’re expecting the courts to rule in your favor, and you need funds to do something that is related to the case. These funds can also be gotten in other cases such as car accidents. A good situation is whereby one suffers an injury due to another driver’s carelessness and needs find to treat themselves in the hospital while the case is ongoing. Lawsuit funding comes in handy here, whereby you’re awarded a cash advance by a financier, who will get back their money once you win the case and are awarded a settlement. Legal Bay Lawsuit Funding is a company that can give out these funds as you wait to get paid after the trial. In the event that you lose the trial, you don’t pay them back and they go at a loss. The company can give you the funding in as little as 24 hours from the time of application. You can check out their car accident loans FAQ’s on how to go about it.

Summary

There will always be people waiting to steal your inventions, the reason why you should hurry and patent your work before introducing it to the world. At some point, you might even require lawsuit settlement funding, and when that time comes, know that you can depend on Legal Bay Lawsuit Funding.