Patent protection is beneficial as it provides exclusive rights to produce, sell, use, and import an invention for the life of the patent. But patent protection can be beneficial for many other reasons, as described below.

Marketing to Consumers – First, patent protection can be beneficial as a strategic marketing scheme. To the average consumer, simply knowing that a product is patent protected, or patent pending, changes their perception of a product. As an example, to many consumers, a patent indicates prestige, quality, or uniqueness. This perception can ultimately lead to higher sales or increased interest for protected products.

Warning to Competition – Patent protection can also serve another important purpose: a warning to competitors. A simple mark on a product stating “Patent Protected” or “Patent Pending” is a warning to your competition that you have been given exclusivity in a particular area of your market space. In other words, it’s like saying “back off!” This not only strengthens your case against an infringer, but it can also cause your competition to avoid your protected market space for fear of costly litigation. Less litigation costs for them means less litigation costs for you.

Financial Value and Intangible Assets – Lastly, patent protection is beneficial as it can increase the financial value of a business by increasing its intangible assets. These assets, including intellectual property like patents, can be bought, sold, licensed, or used as collateral. Similarly, investors may consider patent protection attractive as it may provide assurance that certain investments are secured, protected, or are otherwise quantifiable assets.

During your next marketing meeting, discuss the benefits of obtaining patent protection with your team. For any questions that may arise, let’s meet and discuss your options.