An invention without a patent registration or grant is comparable to a skilled actor without an audience. In a case where an inventor has developed some ideas or invention and technically the invention is revolutionary, but it is not protected by Patent Registration process, it can be copied by others and others can take benefit out of it. Therefore, it is necessary to protect the ideas or invention in an early stage so that no one else can copy and take benefit from it.
How Patent Registration Process works:
Before exploring into what and how, one must appreciate why patent system should give you monopoly for your invention and idea. For filing a patent application in India or elsewhere, the inventor must disclose publicly the details regarding how his invention works. With the knowledge, the scientific community is benefitted and can work towards the furtherance of innovation in their respective fields.
But now the question arises: With the disclosed information, can’t anyone simply copy and reproduce the invention and sell it themselves? This is where the patent system comes in and provides benefits to the inventor. Once the patent has been filed and registered in India or patent registration has done, the inventor solely has monopoly over:
- Importing or Exporting their invention.
Above rights are given for a specific period of 20 years!
Benefits of Patent Registration:
With the patent registration, competition is restricted in terms of commercializing the invention in market as everyone else is barred from encroaching or copying on the inventor’s sole monopoly. This right further places the inventor in a superior position in the negotiation table for royalty when he decides to license his product (licensing means that someone else would manufacture and sell the invention in the market and would share a portion of royalty with the inventor).
A patent is valuable to startups and small business entities as they work as bargaining chips for attracting investors and sponsors. Furthermore, granted patents in India improve recognition and credibility of the inventor or his startup or a company in the market. The benefits accrued at the end of the day far outweighs the initial hassles. Most startups and inventors hire patent agents or patent attorneys who are well-acquainted with the proces and can assist in patent registration and commercialization of the invention.