It is commonly known that how to sell my invention idea to a company and corporations protect their innovative products, if they are devices, manufacturing techniques, business methods, or software, from being copied. Patents allow keepers to exclude others from making, selling, or importing for the US the patented product. In the event the patented products are infringed, owners may send cease and desist letters to the infringers, of course, if the infringers continue their infringing activities, the patent owners can visit court and enforce their rights through injunctions or seeking both compensatory and punitive or treble damages. Patents have lots more uses besides these, including:
1. Patents can be used as collaterals to acquire loans. Should you check out the assignment database of the usa Patent and Trademark Office (USPTO), you will see that many patents are assigned to various banks. The reason is patents are treated as tangible assets. They have their very own values, and so they can freely be transferred from one owner to a different, as with every other tangible properties. Banks might use patents as collaterals on the loans they lend so that if a default occurs, they can seize the patents in an effort to remedy the default.
2. Patents enables you to increase a company's net worth. A company's patent portfolio could be appraised, and it is value can added to their total asset value. If the company is offered on the market, the need for its patents may help drive its sales price. The share prices of public companies can also increase once they acquire patents either by pursuing their very own innovations, licensing, or purchasing them.
3. Patents can be used to settle disputes or lawsuits. Businesses might think they do not need to obtain patents after they usually do not want to be plaintiffs in infringement lawsuits. However, they just don't understand that patents might help have them off infringement disputes or litigation. This is particularly common in industries in which the major players own various patents. When two companies within the same industry fight in the court over intellectual property infringement, the lawsuit oftentimes is resolved through cross-licensing. One cross-licensing scenario may involve Company A licensing a patented component from Company B, and Company B licensing a patented manufacturing technique for a different product from Company A.
4. Patents have defensive uses. Insurance firms these, competitors could be discouraged from obtaining rights to similar ideas, which consequently cuts down on the chance of competitors enforcing an infringement action against your company. Additionally, with patents, competitors could be deterred from developing, selling or making similar items.