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By: Cherry Newman
The most significant benefit of a patent is the legal validity it gives to an inventor's authority over his innovation. Many unique inventions can fetch good profits for the inventor, and if they fall into wrong hands, the inventor will be deprived of his fair share of profits that can be earned through commercial exploitation of the invention. Put simply, a patent upholds the inventor's commercial rights over his invention, and it permits him to make use of the same to his benefit for a stipulated time.
The next important advantage of a patent is that it helps the inventor to make profits on his invention and cover the expenses borne on the same. The inventor can reap handsome profits after his expenditure by selling his invention in the market without facing the danger of competition while the patent lasts when no third party is permitted to manufacture or market that product.
An inventor may even have his reputation in danger and if someone gets hold of his product and markets it as his own, the original inventor will lose the due acknowledgement that he is otherwise entitled to get. This will not happen if the invention is properly patented.
Patents play a significant role in commercialization of the invented product. You will have to discuss your invention with others, who might help you in developing your idea further to make it commercially viable. Since, a number of people might become conscious of your idea, you will need legal protection for your product from unscrupulous people.
Patent provides the inventor a legal authority of filing a lawsuit against any individual, who makes unauthorized use of his invention. Patents not only permit the patent owner to bring legal action against the offender but also enable him to seek damages, which in turn gives more financial protection to his invention.
Yet another advantage of patents is that licensees normally are reluctant to invest in an invention that does not have ownership rights in the market. Hence, for successful licensing of an invented product, a patent plays a very important role.
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