How Do I Protect My Invention from Being Stolen?
Intellectual property (IP) such as patents, trademarks, copyrights, and trade secrets are valuable assets for any business. For startups and entrepreneurs, robust IP protection is critical for attracting investors, deterring competitors, and securing exclusive rights to profit from your innovations. Among the various types of IP, patents play a particularly crucial role.
A patent provides its owner the legal right to prevent others from making, using, or selling an invention for a limited period of time, usually 20 years from the patent filing date. Patents protect functional inventions like machines, processes, compositions of matter, articles of manufacture, or improvements on existing inventions. The key requirements are that the invention must be novel, non-obvious, and useful.
What Does the Patent Registration Process Involve?
The patent registration process involves conducting a prior art search, preparing and filing a patent application (with a - acting on your behalf if needed), responding to examiner rejections if any, and finally being granted the patent by the patent office if approved. The average cost for a software patent can range from $8,000 to $15,000 including Attorney fees. The process usually takes 2-3 years for completion.
For startups and small companies, the costs and time involved may seem prohibitive. However, there are good reasons to invest in patenting your key inventions:
- Patents help deter competitors and prevent others from copying your proprietary technology or solutions. This exclusivity allows you to recoup R&D investments and maximize profits.
- Strong patent portfolios attract investors, strategic partners, and buyers. They indicate innovative technology and increase valuation during mergers or acquisitions.
- Patents boost marketing efforts by conveying product benefits and technical edge over competitors. Customers often prefer patented products.
- Patents can generate additional revenue streams through licensing deals. You can license your patented inventions to other companies for royalties.
- Patents may be eligible for tax reductions as intangible amortizable assets.
Before applying for patents, startups and established SMBs alike should carefully evaluate which of their inventions have the highest Commercial potential. It’s recommended to consult an invention patent attorney near Houston, TX to conduct prior art searches, determine patentability, and provide guidance on patent filing strategy. Alternatives like provisional patents and defensive publishing should be explored to buy time and deter copying of inventions before committing to full patents. With the right IP strategy and a qualified law firm like Lloyd & Mousilli at your side, patents can provide startups with a potent competitive advantage.