HOW CAN PATENT REGISTRATION REVOLUTIONIZE A BUSINESS?
After the start of make in India, lots of people began to focus on Intellectual property in order avail various benefits such as patent and trademarks. It has been widely clear and acceptable the needs for Trademark registration but people are still confused about the Patent registration benefits, process and why it is helpful in any business.
Today in this article we will explain to you why a Patent registration is important and how can a patent take you ahead by leaps and bounds.
In case you are an entrepreneur, you must be aware of famous serial SHARK TANK, which is a platform to showcase your business ideas, products etc live to investors and pitch them for investment in their business.
But, if you closely watch this series you will notice that most of the investors when looking forward to invest in a product oriented business they ask one question that do you hold a patent over it? Because it is known that for any business the target of every stakeholder or business owner is to make establish monopoly by it. And legally this can be achieved easily by protecting your product or technology by patent as this gives to monopolistic rights on an average for about 20 years, which is very very good time to monetize and reap benefits out of your products.
One of the Judge in this reality show is LORI GREINER, who herself is a serial entrepreneur and inventor and holds about 120 patents on her own name.
If you look at her patents, she has filed patent application for range of products such as Jewellery box , its designs, bags and other items. That does not just relate to technology patents but relates to day to day items.
Therefore, people who think that patent can only be granted to high level technologies is wrong, you can file patent for basic utility items such as suitcases, innovative bottle designs as well.
There are design patents that are issued not just to big companies but individual entrepreneurs as well and that to in various fields such as packaging, utility items, stationary items, crockery items etc.
These patents can either be protected under patent regime or as design patents in India. Design patent registration is comparatively easy and quick to secure.
Below are the few successful patent:
• Eiffel tower design patent.
• Toy building brick- the lego Patent
• Hola hoop toy patent
• Amazon one click buy patent.
So no matter how small your innovation is or complex your product is you may always conquer market by creating unbeatable monopoly by securing Intellectual property be it patent, design patent or any other IP.
