Most people know that patents protect an invention. However, patents serve a lot of other purposes in addition to protection.
Potential Investors
Patents give peace of mind to investors that are considering investing in a company or a product. Most investors want to know that their investment will be protected.
Credibility
Patents add credibility to an invention. Having a good idea is not the same as having a patented invention. A patent not only shows innovation, but that innovation is substantiated by the US Patent Office.
Patents Can Be a Revenue Stream
Like real property, intellectual property such as a patent can be bought, sold, licensed, bartered, etc. A patent takes an idea that is not marketable and turns it into something that can be placed in commerce.
Patents Add Assets to a Company
A patent portfolio adds credibility and asset value to a company. In some instances, a company’s patent portfolio is more valuable in a merger or acquisition than the remaining portions of the company.
Marketability
Having a patent distinguishes a product and a company over the competition. Simply having a patent means that the invention is novel and useful as compared to the current state of technology.
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