Today, businesses rely on their important intellectual property to propel growth and future innovation. Unlike other material assets, intellectual property keeps a company or entrepreneur ahead of the competition in an increasingly competitive market. Consumers can also rely on intellectual property protection to ensure that they are spending their hard-earned money on authentic products.
Intellectual property is protected through three main types of rights: trademarks, copyrights, and patents. Patents protect original inventions, methods, and processes developed by a company or inventor giving them the exclusive right to create, sell, and distribute the product until the patent protection expires. Patent law firms provide crucial professional services that help businesses and entrepreneurs establish, register, and defend their IP rights.
How a Patent Benefits Profits
For the life of a patent, it protects a business or individual from competition from others who want to profit from their product, process, or invention. Holding a patent gives that business or individual the right to exclusively use and benefit from the product or innovation and potentially build upon it. For instance, large companies like Apple often file a patent for one invention and then repurpose it to fit as many applications as possible. IBM has statistically held the greatest number of patents of all time, with 8,682 patents as of 2021.
Patents Can Increase the Value of a Company
Holding patents can also increase the overall value of a company. While most businesses are valued on a financial basis, patents can make a company more attractive to investors. Businesses and entrepreneurs looking to secure funding for their enterprises will use patents to ensure banking institutions, investors, or venture capitalists that their products and future developments are protected.
Additionally, patents can also be sold or even licensed to others for a percentage of future sales, offering long-term value by providing new avenues for growth and sources of revenue. Selling a patent can allow a business or entrepreneur to generate more income to help pay for additional promising products and inventions.
How Patent Law Firms Help
For most serial entrepreneurs and innovative businesses, creation is a continual process. But these great ideas and processes must be protected. Without the legal assistance of a patent law firm, creators of new products must have an intensive understanding of patent law and all the processes that go into filing them to ensure their protection.
A patent law firm can provide:
● Patent prosecution attorneys with extensive technical knowledge to draft, file, and prosecute a patent.
● Patent litigation attorneys who can handle the defense and litigation of patent disputes and infringement matters
● Patent transaction attorneys who facilitate buying and selling patents, licenses, and licensing agreements
Although filing a patent does not require the assistance of a patent law firm or attorney, most businesses and entrepreneurs don’t have the knowledge of intellectual property law needed to ensure that their rights are properly protected.
Patent lawyers understand intellectual property law in detail. They can help you file for patent protection for your inventions and innovations, help ensure against potential infringement issues, and help defend you against infringement claims by others.
If You Are a Business Owner or Entrepreneur Looking For Patent Advice, Our Patent Law Firm Can Help
If you are a business owner or entrepreneur, you want a professional patent law firm with extensive intellectual property experience. The talented team of patent lawyers at Paul & Paul can help. Contact us at (215) 568-4900 or through our online contact form to schedule an appointment.
This website is designed to provide only general information. The information presented on this website is not formal legal advice. You should not rely on any general information from any source for making legal decisions. Each legal matter is unique and requires specific attention from a qualified and experienced attorney. Unless a representation agreement has been signed with Paul & Paul, we are not your legal representatives.