St. Louis patent litigator Doug Robinson recently shared his top 10 reasons to patent your start-up’s new invention in an article for StartupNation.
While patents can perform a number of functions to improve and protect a business, they are frequently only thought of as weapons that help massive companies battle each other in court. As Robinson says in the article, though, patents are useful in many other ways and provide value to companies of all sizes – especially start-ups.
Here are five of the ways that patents can help starts up include:
- Stopping competitors. If a competitor is infringing your patent, bringing a lawsuit against them will likely stop them right in their tracks.
- Counter-attack competitors. Having a patent can also be a powerful deterrent to having lawsuits brought against you, as competitors can adversely jeopardize their own patents by attacking yours.
- License it. Patent licensing is a great way to increase revenue, and it’s much less stressful than litigation.
- Create sellable assets. In addition to licensing, patents can also be sold like any other piece of property. This can be helpful for any start-ups seeking to unload a patent on a technology that is no longer the core focus of their business.
- Establish company value. This is a big one for start-ups. Patents can help demonstrate that your company is able to secure favorable loans or lines of credit, and can certainly increase your asking price if another company wants to buy you out.
It is important to remember that patents can cover everything from the final product to the machines that make them, and nearly everything in between. Start-ups and small companies in every industry will be wise to take advantage of their versatility to make their companies grow.