Ways Patents Helps In Your Business, An innovative idea plays an integral role in getting any business started. A lot of effort, smart strategies go into making your business successful, but what about protection of that innovative idea? Or the brand that you created out of it?
Protection of innovations are ensured through intellectual property (IP) rights which is known to be an intangible asset for any company. There are majorly 4 different types of IP – trade secrets, trademarks, copyrights and the one which we are focusing on today Patents. The need for patent tescil among business owners and how they can benefit from it.
Now, did you know that last year Turkey witnessed the highest rise in the number of patent applicants as reported by the head of Turkish Patent and Trademark Office. Of course, this fact leads us to the question – why so many firms are concerned to safeguard their innovations using patents? Well, to find out the answer to this question let’s look at the ways in which patents can help business firms.
Table of Contents
1. Investment in Research & Development is safeguarded
The prime advantage that patents can provide to business owners is that it prevents the competitors from imitating your innovations. Once the patent is granted, the third parties remain completely powerless to scheme benefit out of your innovation.
The money and time you invested for research and development of the innovation is safeguarded with the help of patents. The third parties cannot exploit it and make money out of it.
2. Develops good reputation in the market
Earning a good reputation in the market is difficult but so much important for the success of business. However, did you know that managing a patent portfolio efficiently can leverage your inventions to bring in value to the business?
Business firms that are able to maintain patent portfolios determine their capability of bringing innovation, expertise and potential to provide technological power. Of course, putting your business out in the market as such as a capable entity would attract clients or customers.
In fact, the number of investors will be willing to partner with you with such a good reputation.
3. Secures market position and exclusivity
As mentioned earlier, with the use of patents you eliminate your competitors from exploiting your innovation that also helps your business to be established in a secure market position and gain positive brand reputation.
One you seek patent rights; the competitors can be prevented from any sort of product or service infringement without taking any legal action as well. since the procedure of litigation would only be enough to put off the third parties from causing any violation.
Also, a patent portfolio can always lead your business’s position in the international market.
4. Enhances acquisition offers
With patent acquisition your business may end up getting more lucrative offers from mergers or those who want to purchase your business. Now, many times you may find yourself in a position when selling off your company or merging your company with a greater organization seems like a valid idea.
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With the use of a patent portfolio, you can improve your chances of getting more lucrative acquisition offers as your IP assets add a great value to your company financially. Therefore, making your company commercially more attractive to the interested acquisition companies.
So, what are you waiting for? Don’t lag when it comes to adding value to your business and making your business a strong contender in the competitive market. Get patent tescil now and lead your business toward the path of success for the future.
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