Patent is a form of
intellectual property which is a set of exclusive rights provided by a nation
to an assignee or investor for a short period of time in return for public
disclosure of his invention. The rules and regulations that govern the process
of granting a patent vary from one country to other according to national laws
as well as international agreements. However, obtaining a patent has several
restrictions and thus some standards must be met in order to secure it. The
patent claims must meet relevant requirements such as usefulness,
non-obviousness and foremost novelty. A patent on a technology prevents others
from making, using, distributing, importing, selling it without the permission
of the inventor. Obtaining a patent on your novel invention is an obvious step
but there are several steps that must be kept in mind while giving it a go
ahead.
Evaluate your idea
Before you decide to launch
your patent, think about all the possibilities attached with your product. You
must evaluate whether it has potential business opportunity attached with it.
Think about how many people are going to be benefitted and how your product is
going to fare among similar business ideas. You must also see that your patent
does not infringe upon other patents. Obtaining a patent is not an easy task
and you must consider all the points that would help you to make your case.
Prepare a roadmap
Once a basic prototype is
prepared, you must consider all the problems that might pop up in the process
and try to find a way around them so that the process is not delayed by
unforeseen problems. Make sure that the prototype has the potential to reach
the market and not end up on the shelf.
Adapt and thrive
If you want your patented
product to make money for you in that case, you need to constantly adapt to the
developments in that sphere of business and make sure you don’t lag behind your
competitors. You need to constantly improve your product so that when those
regulations are lifted, you are still at the top of that ladder.
Brace yourself to face a storm of regulations
Getting a patent is no joke.
As and when you file your patent, a host of new rules and regulations await
your process. INDIA falls way behind in the process of obtaining a patent thus
adding to your troubles. It is a slow and time consuming process and you cannot
avoid it at any cost.
Patent Protection
A patent not only protects
your invention but also adds credibility and it comes in handy especially when
you are looking for a sale. It can make negotiations smoother for you and shift
the balance in your favour. But there are several patents in one field of
technology and there are several problems of patent infringements. In India, it
is allowed at 30%, and it should be stressed upon. Take legal advice and ensure
that your product can test the deep waters before the sharks in the sea come to
bite.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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