How would it feel if an idea which you have envisioned, worked for and developed was copied by someone else soon after its inception? Without a proper patent protection policy in place, you are constantly under the threat of somebody else stealing your limelight.
And it is not just established enterprises that need to think of patents to protect their ideas. Startups need to focus on patent protection early on to protect their ideas from falling prey to the tough competition in the market.
You, as the innovator, have done all the research and development prior to the launch of the product and being blocked by cheaper and low cost competitors is a major dent to your manufacturing and marketing agenda. It is important to keep an eye on all these aspects before you invest your capital into any new idea or innovation that you intend to bring in the market.
Patents and Startups – What Are The Numbers Showing?
The concept of patent protection has garnered a flurry of attention in the past few years. Gone are the days when the popularity of patents was for the software or medical industry only. Today, almost one-third of all funded technology companies have a patent application filed, whereas almost 19% of these startups filed for a patent even before they were funded. The overall patent rate is around 24% for the advertising industry, almost 39% for the network hosting industry, 52% for the hardware industry, 32% for the mobile industry and 65% for industries in the semiconductor sector.
The overall patent rate is around 24% for the advertising industry, almost 39% for the network hosting industry, 52% for the hardware industry, 32% for the mobile industry and 65% for industries in the semiconductor sector.
How to Build a Patent Portfolio?
Developing a patent portfolio not only strengthens the company from exterior competition, but also provides inner stability as employees feel a sense of ownership for their ideas. Developing a patent portfolio requires both outside and inside counsel and then the strategy for the patent is defined based on its use, optimization and overall value. It is important to have a strategic plan and focus for the patent to ensure that not just immediate but long term goals are also achieved.
Developing a patent portfolio not only strengthens the company from exterior competition, but also provides inner stability as employees feel a sense of ownership for their ideas.
Patent research not just safeguards your current ideas but also provides a roadmap for identifying the key successive factors as well as the competition in the market. Patent mapping helps startups avoid costly lawsuits, litigation and licensing.
The best of ideas not only catch the consumers’ attention, but also spike up the interest of the existing names in the market. A patent portfolio is of extreme importance for a startup as it can overcome the barriers that restrict entry and growth of the enterprise in the market. Protecting the unique features and aspects of the entrant product can help inflect competition from the existing competitors as well as protect the core business from hurdles.
How to File for a Patent?
In order to file for a patent, you will have to fill out a patent application form and submit it with the required fee to the patent regulating authority in the country. For United States, you will have to apply to the United States Patents and Trademark Office (USPTO). The filling of the patent application requires special consideration so that it is impactful and original and no loopholes can be found in it.
Aside from the parts where information will have to be filled in, a patent application also includes blank pages where you will have to draw and describe your product. The patent application also needs a brief abstract, summary, background info, detailed description as well as conclusion and scope of the project. You will also need to provide claims that define the legalities and protect the boundaries of your product.
Usually new-inventors and startup companies do not know the practice of filing a patent in India, Unfortunately there is no complete guidelines available for them before proceeding to the patent. For basic process for getting patent for your startup in India, you have to contact the patent office branch as per your region.
There are four regional offices in India and they are located at Mumbai, Chennai, Kolkata, and New Delhi. The process of patent application in India is a long process; it needs a lot of patience and attention too.
There are four regional offices in India and they are located at Mumbai, Chennai, Kolkata, and New Delhi. The process of patent application in India is a long process; it needs a lot of patience and attention too. You can avail more information and guidelines from Controller General of Patents Designs and Trademarks (CGPDTM) office http://www.ipindia.nic.in/ for Indian region.