An inventor or a start-up actively markets their products or inventions to the public for increasing sales and revenue. A lot of hard work and substantial effort is put into commercializing and profiting out of a product in today’s competitive market. But the key question is: How does one prevent a rival competitor from reverse engineering and copying the product and selling it themselves? There should be an incentive for innovation and efforts put into research and development. To facilitate innovation and assuring that one has exclusive rights over his invention, patent filing and patent registration in India are the rage.
What rights does one get by patent registration in India?
A patent registration in India allows an inventor or a start-up exclusive monopoly to:
- Sell the product.
- Use the product.
- Create and manufacture the product.
- Distribute the product.
- License the product to others and get royalty on behalf of it.
- Import the product from elsewhere.
- Export the product to foreign lands.
These set of rights are given for a period of 20 years solely after patent registration!
Why is patent registration important for Startups?
- Patent Registration provides Protection from Copying or Reverse Engineering.
- Patent Registration helps in improving you company valuations
- Patent Registration helps in improving brand value and recognition
- Patent Registration helps in Mergers & Acquisitions.
Therefore, with the growth of Innovative startups in India, Patent Registration in India is becoming more and more relevant everyday and will be one of the driving factors for Investment and growth of Startups in India very soon.