There are many reasons why filing a patent is a good idea! A patent agent could tell you the strategic worth of such a decision for your business.
If you are unsure about the benefits of this official procedure, here are some arguments that should convince you.
Reason 1: Protecting your Idea
If you have invented something that can be patented, you should do so ASAP! While it’s not mandatory, it’s the only legal way to protect the usefulness of your invention.
Remember that patents can protect the following:
- A product
- A chemical composition or substance
- A machine
- A process or method
- An improvement on any of these
If this applies to you, and your invention is new, useful and not obvious, you should apply for a patent. Better to do this while you can rather than being helpless should someone copy your idea. Remember that a patent application should be filed before any public disclosure, although some countries like Canada and the USA grant a 12-month grace period.
Worried that this is too technical? Professionals patent agents can help guide you every step of the way.
Reason 2: Protection Against Infringement
Even the most talented entrepreneur is not immune to unscrupulous competitors. Unfortunately, if you have the idea of the century, it’s a safe bet that that someone will try to copy it! This is why you must take legal measures to prevent unscrupulous persons who might try to infringe on your idea.
Filing a patent application is the only way to protect yourself against dishonest competitors!
Reason 3: Reassuring Investors
If you’re thinking of growing your business, we recommend that you patent your innovations to create a barrier to entry for others in your field.
Potential investors will find you more credible if you do so, as they will know you can make the most out of your inventions.
Reason 4: Simplifying Communications
Whatever your sector, you know that confidentiality is paramount when dealing with innovations. You don’t want to say too much, reveal certain trade secrets or divulge confidential information. This can unfortunately hamper communications between colleagues.
However, by filing a patent application, you are legally protected for at least 20 years from the date of your application. You are therefore able to communicate more freely with your teams and your partners without having to worry about disclosing important information.
Reason 5: Starting an Export Strategy
If you are contemplating an export strategy, your first priority should be filing patents on the products you want to export.
While there is some harmonization between developed countries, foreign legal systems might not offer the same kind of protection as the one you will find in Canada. Therefore, we highly recommend that you get help from an experienced patent agent before entering a foreign market.
Reason 6: Promoting your Brand
Filing a patent is always great for marketing your business. Although it is an “intangible” asset, it reflects positively on your business by promoting the importance of innovation within your company.
It shows that you are an entrepreneur with a concrete strategy focused on the future. This is a very attractive argument when you are looking for financing.
Filing a Patent: The Best Way to Protect your Assets
Filing a patent can help support your business strategy at every phase of its development, whether it is short term, medium term or long term.
Not only does it protect you, but it also offers strategic benefits, as well as help you secure financing from investors and contribute to your sales efforts.
Want to know more? Contact one of our patent agents.