Updated: Oct 20, 2021
"Patent means the exclusive right over any idea or invention".
A patent is nothing but a monopoly provided by the government officials, an authority, protection and permission to sell your innovative inventions, chemical processes, technology, and much more.
An official written document has to be submitted, by the inventor at the patent office , including all the necessary details and signatures in it.
What will happen if I don't patent my inventions, innovative chemical processes or works?
A patent is a monopoly which provides protection to your Invention so that no-one can copy it or can sell them as their own.
When you monetize your invention, it increases its worth and commercial value, which, without proper protection and security, makes the invention susceptible to attack, when used commercially by an external party.
So, if you don't patent your Invention or your creative work, people are surely going to copy your invention. Then, they'll sell them in the market to gain a profitable amount, creating a competitive environment for you and your invention.
Some people think that getting a patent is costly and a long hectic process, so they don't patent their invention. But in the long run, it affects their invention and its market value. Some of the risks are: 1. Competitors, big companies and manufacturers.
They can easily take advantage of your invention; they can easily make a copy of your invention in a large amount and sell them at a much lower price which will directly affect your market share.
2. Risk of violation of the agreement and rights.
A patent protects your invention from others and prevents them from using it and conflicting your patent rights.
In a worse scenario, your invention can be patented by another party or individual as their own invention.
3. 0 possibility of licensing/selling your invention or technology.
If you get a patent for your invention, you get the ability or have the right to license your invention and sell it to another party.
It mainly gives an official authority and ownership of your invention.
And later if somebody else wants to use your technology then you can charge a profitable amount to license them. But if you don't patent your invention, then you, yourself eliminate the probability of monetizing, licensing or selling your invention.
Therefore, it's best to patent your creative invention before putting it to commercial use. You can hire an experienced and professional intellectual property lawyer or an agent to help you in the process of filing a patent application.
To know more about patent and its types, validity, eligibility click on the link below!!!!!
Note: This information has been taken from the list of different countries and is not intended as legal advice. This will give you a general idea about what exactly a patent is. We recommend you to consult a lawyer if you want legal advice for your particular situation.