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Tips to entrepreneurs- 5 steps to secure a technology patent

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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