With the fast pace of business today, innovation is one of the qualities that will make a business thrive. This puts enourmous pressure on companies to remain innovative or obtain access to other companies\\\' innovation says the Intellectual Property Office of the Philippines. The exclusive rights provided by a patent may be crucial for innovative companies to prosper in a challenging business climate.
A patent protects the owner\\\'s right over an invention that is new, involves an inventive step and can be used for industrial application.
Below the Intellectual Property Office of the Philippines lists the key reasons why you should consider patenting your inventions:
1. Strong market position and competitive advantage
It prevents others from commercially using a patented invention.
2. Higher profit on investment
Patent protection would help recover costs and obtain higher returns on investment.
3. Additional income from licensing or assigning the patent
A company may license its rights over a patent in exchange for fees or royalties to generate additional income.
4. Access to technology through cross-licensing
If your company is interested in technology owned by others, you may use your company\\\'s own patents to negotiate cross-licensing agreements that will allow you to use it.
5. Access to new markets
Licensing patents to others may provide the company access to new markets.
6. Diminished risks of infringement
This prevents you from infringing the rights of others when commercializing your products and will also prevent others from patenting the same invention.
7. Enhanced ability to obtain grants
Patent ownership may enhance your ability to raise capital and finally push the product to market.
8. Allows you to take action againts imitators and free riders
Owning a patent improves your ability to take successful legal action against copiers and imitators of the invention.
9. Positive image for your companies
Investors, shareholders and business partners may perceive patent portfoliod as a demonstration of the level of expertise, specialization or technical capacity.
For more information on registering your patent in the Philippines, check out the Intellectual Property Center web site at www.ipophil.gov.ph