Getting one’s work patented gives one some inherent advantages and autonomy over the invention he toiled to make. Before we delve into the benefits of a patent, let us know what a patent is.
The ‘patent’ is a legally enforceable right that allows the recipient the absolute right to stop anyone from using, manufacturing, importing or selling the patented invention. An individual violating the rights of a patentee will be sued and shall be liable to pay compensation to the patentee.
Hence, as is evident, the benefits of a patent are:
- Giving the patentee company an edge over the competitors since the entity is the sole user of the invention.
- The patentee can license the invention to an industry to generate revenue.
- The patentee can bring in investments since the invention is patent protected and the investors can enjoy the market monopoly.