It’s not easy to start a business from scratch because there are so many options to consider. When starting a business, deciding whether or not to seek patent protection is a crucial first step. For a set period of time, a patent grants the creator the exclusive right to produce, sell, or use his or her patented creation. However, there are a few scenarios in which business owners may delay filing for a patent.
The following are four of them:
The cost of submitting and defending a patent application can be very high. The cost of hiring a patent attorney to draft and file a patent application is usually in the thousands of dollars, and it can increase dramatically if the patent office raises any objections or rejects the application. Furthermore, after a patent is awarded, ongoing payments are required to keep the patent in effect. It’s possible that some companies won’t get a return on investment from patenting their innovations.
The procedure for obtaining a patent is convoluted and fraught with uncertainty. An expert patent attorney cannot ensure that a patent will be approved. Objections from patent examiners or existing relevant previous art may delay or preclude the granting of a patent. Because of this doubt, some business owners may be hesitant to spend the resources necessary to secure a patent.
From start to completion, the patent application procedure might eat up several years of your life. A key drawback in a competitive market is that the inventor may be unable to market or sell the innovation during that time. It’s also possible that the company has more pressing concerns at the moment, like expanding its customer base or arranging its supply chain. It may make more sense to wait to apply for a patent until the company is more well-established.
Possible Claims of Infringement
Patents allow for a protected market niche, but litigation over patent infringement is always a possibility. A company may face expensive and time-consuming legal action if it infringes on another’s patent. With limited resources, it may be preferable to forego patent protection in favor of focusing on growing the business.
In sum, there are many good reasons for business owners to consider patenting their work, but there are also some compelling arguments against doing so. When considering whether or not to pursue a patent, it is important to weigh the potential benefits against the expenses, risks, and time commitment involved. Before making a decision, business owners should consider the pros and cons of acquiring a patent.