IPR in Business #01: Why should a business file for a patent
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The document outlines 5 key reasons for a business to file for a patent: 1) Patent protection prevents others from exploiting inventions for 20 years, allowing license or sale of the patent. 2) Patents help brand and value companies by allowing labels of "patent pending" or "patented" on products and websites. 3) Patents can be enforced if infringed, allowing recovery of damages as seen in a case of Apple paying $368 million. 4) Filing establishes priority date and number for the invention as public record. 5) Patents are valuable intangible assets that increase company valuation for acquisition.
IPR in Business #01: Why should a business file for a patent
- 1. Top 5 reasons for a business to file for a patent? Presented by:- Bindu Sharma IPR in Business Copyright © 2020 Origiin IP Solutions LLP. All Rights reserved
- 2. Patent: a valuable intangible asset • Vocal for Local movement • Patent is a kind of Intellectual Property Right, granted by the Government to the inventor for new, useful and non- obvious inventions for a specific period of time. • Patent protection: 20 years from the date of filing • Patent rights are territorial
- 3. Disclosure becomes easy Date of filing patent application, i.e., priority data and Patent application number. 1
- 4. Protects your inventions • Patent is a statutory right granted by the Government. • You can prevent third party’s from making, using, offering for sale, selling, importing the patented invention in the country where you have patent protection. • License your patent and join hands with a progressive enterprise to bring product in the market. 2
- 5. Branding of company/products • After you file for a patent, you can label your products as “Patent Applied for” • After grant of a patent, you can label the product as “Patented”. • You can put status of “Patent applied for” or “Patented” on your web site, corporate presentations, and it helps you to brand your company/products better. 3
- 6. Better valuation of your company • Patent is also a valuable intangible asset. • Value of a patent can be assessed and this adds to overall valuation of your business. • This may be useful at the time of acquisition/merging. 4
- 7. Enforcement of patent rights • If your patent is infringed by third party, you can enforce your rights to stop using your patent. • For example, VirnetX company had four patents (U.S. Patent Nos. 6,502,135, 7,418,504, 7,921,211 and 7,490,151), which Apple Inc infringed in its FaceTime Video calling service. • Apple was sued by VirnetX and in this case Apple paid $368 million to VirnetX as damages. 5
- 8. How to start the process of filing for patents? Perform an internal Audit Repository of new ideas Prioritize them Identify right legal framework to protect them Finally, find out right consultant to help you File your application to obtain application number and date of filing
- 9. How to start the process of filing for patents? • File your patent application to obtain application number and date of filing. • To start with, you can file your application in India and further proceed with international filing within 12 months from the date of Indian filing. • Patents could be valuable assets for a company, and performing the appropriate steps, processes and policies within the organization can help it in a big way.
- 10. Conclusion There are several reasons for the companies to file for patents, However, initial due- diligence is important before filing for a patent to ensure that the patent adds value to the business.
- 11. info@origiin.com | 91 98456 93459 www.origiin.com Subscribe to our Origiin IP Solutions LLPChannel Copyright © 2020 Origiin IP Solutions LLP. All Rights reserved