Q: What are the benefits of filing for a patent?
A:
In my experience, there are five reasons businesses get patents. First, and most prevalent, is to obtain a monopoly on the patent technology. In other words, a patent owner can prevent others from making, using or selling the patented invention. Second, you can make money by selling or licensing the patent to others. Third, some businesses are in industries where the competitors frequently sue each other. If you have patent portfolio and get sued by a competitor, you may have ammunition for a counterclaim if the plaintiff happens to be infringing one of your patents. Fourth, being able to claim that your product is "patented" gives you some marketing "sizzle" and greater credibility. Finally, many businesses get patents as a way of recognizing the accomplishments of their employees. Engineers and other creative types often find that recognition by their employer is important to job satisfaction, and having their employer patent their ideas makes them feel good.
Paul Overhauser
www.iniplaw.org
www.overhauser.com
317- 891-1500
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