For many companies, IP management is confusing and time-consuming. Businesses often assume patents are the best form of protection and consequently file and maintain patent applications in lieu of more appropriate and cost-effective forms of protection. We see this often and it can lead to unnecessary expense, weak protection and worthless IP. Consequently, our first duty to you is to help you assess whether patents are in fact the most suitable protection for your IP – this is part of our IP strategy service. If they are, then we can manage the application and filing process for you via our patent specialists, and/or help you effectively manage your existing patents.
You can stop others from copying, manufacturing, selling, or importing your invention.
You may be able to charge higher prices if competitors can’t copy your products. For example, the prices for iPhones would be MUCH lower if Apple weren’t able to protect their products with their patents.
For smaller companies, a patent can give you the ability to compete against larger companies. Larger companies may be able to invest more in R&D, but if you’ve come up with a great idea protected by a patent you may be able to compete more effectively.
Help with raising money. If you seek venture capital, it can be easier to raise money if investors know that their investment is protected by patents.
You don’t have to manufacture the product yourself. With a patent, you can license your technology to other companies, and make money from your invention or design without having to manufacture or sell it yourself.