An invention that has not been registered for a patent or been granted one is analogous to a talented performer who does not have any audience. If an inventor has developed some ideas or invented something, and the concept of innovation is technically innovative but is not protected by the patent drafting Registration process, then other people can copy it, and other people can benefit from it. Therefore, it is essential to begin the process of intellectual property protection as soon as possible to prevent others from stealing one’s ideas or inventions and profiting from them.
- How the process of registering a patent works:
Before delving into the details of what and how it is important to understand why the patent system should grant you monopoly rights over your innovation and concept. To submit a patent application anywhere in the world, including India, the inventor is required to reveal in public the specifics of how his invention functions. The scientific community can profit from the knowledge and can work toward the advancement of innovation in their respective professions.
The question that emerges now is whether or not, given the information that has been released, it is impossible for anyone to simply copy and recreate the innovation and sell it on their own. This is where the patent system comes into play, which ultimately works to the inventor’s advantage. After the patent application has been submitted and registered in India, or after the patent registration has been completed, the inventor enjoys an absolute monopoly over the following areas:
- They might either import or export their invention.
- The rights outlined above are granted for a predetermined time frame of twenty years!
- Advantages Associated with Registering a Patent
With the drafting and filing a patent application, the competition is limited in terms of commercializing the idea in the market because no one else is allowed to encroach or copy on the inventor’s single monopoly. This keeps the market from being oversaturated with similar products. When the inventor decides to license his product, he is in an even stronger position to command a higher royalty rate thanks to this right, which places him in an advantageous position at the negotiation table.
The ability to use a patent as a negotiating chip to attract investors and sponsors makes patents extremely important to startups and other small business organizations. In addition, inventors, their startups, and established businesses all benefit from increased market recognition and credibility when they are awarded patents in India. The difficulties encountered in the beginning are more than compensated for by the rewards obtained after the day. The majority of new businesses and inventors choose to work with patent agents or patent attorneys who are familiar with the process, can aid with patent registration, and can guide the commercialization of an idea.
- Conclusion –
The invention can be easily counterfeited by defaulters if it hasn’t been registered for a patent, which can give them financial benefits in the long run. In light of the information presented here, it is possible to draw the following conclusion: If an inventor is serious about obtaining an online application of trademark, he needs to familiarise himself with the benefits of patent registration in addition to the drawbacks, and the current market situation, and the various competitors.