Image Source: https://pixabay.com/An invention may or may not be valuable depending on its utility, and a systematic integration into a business plan. The monetization of your invention makes your invention worth a particular amount, which, without adequate protection, makes it vulnerable to commercial use by an external entity. A patent on your invention can be used to prevent that from happening. However, many organizations choose not apply for a patent or simply do not think about protecting their invention. An assessment of the requirement for a patent application in Canada often confuses people and makes the process seem challenging. Filing for a patent can also be a costly affair. Some businesses and inventors consider not filing for patents for these reasons. However, a failure to protect your invention with the filing of a patent application can have consequences in the future. Read on to find out what happens when you don’t patent your invention.
Competitors can take advantage of your invention
It is generally a goal in business to obtain a large share of the market and competition for the largest percentage of the market can be fierce. Without patent protection, another company may copy the technology of your innovation and sells it at a lower price without fear. Large organizations have the advantage of high-functioning manufacturing equipment. They can use this capability to create scale economies and sell the product at lower prices, thereby affecting your market share. It is, therefore, important to patent your inventions before you start using it for commercial purposes.
There is a risk of infringement
The whole point of having an issued patent is to prevent others from utilizing your invention, or in other words, infringing on your patent rights. Having an issued patent can be incredibly powerful, a company who may otherwise copy your technology may think twice as the risk of repercussions is greater when a patent is involved. Even if you are to face a case of infringement, an issued patent can be invaluable. Choosing to not patent your invention may lead to a risk of someone else copying your invention. It can get worse if they file a patent application in Canada, claiming your invention as theirs. You can avoid this possibility by applying for a patent early on.
Zero possibility of licensing or selling technology
One of the biggest advantages of patenting your invention is that you gain the ability to license or sell to another entity. Patenting gives you official ownership of your innovation. You can then charge a license fee to someone who intends to use your technology. However, if you do not patent your invention, licensing and selling may prove to be challenging or impossible. In a way, you reduce or completely eliminate the possibility of monetizing your invention if you do not patent it.It is, therefore, crucial that you consider patenting your inventions if you plan to commercialize them. You can seek the help of an intellectual property lawyer or agent, to help you get started with the process of filing a patent application in Canada. Here’s where you can get started.