By: LawTrades
It is hard to overemphasize the importance of intellectual property protection for startups. Without protection for your brand, inventions, and original creations, you have no chance at commercializing your unique value. You are defenseless against (often larger, better funded) competitors, and you can present no convincing value proposition to potential investors and/or acquirers.
For this reason, a thoughtful IP strategy should be among every startup’s highest priorities. LawTrades provides you with free, comprehensive information about IP strategy elsewhere. This article hones in on one specific aspect of such a strategy: patent protection.
Patent protection is your job
This might seem obvious, but startups often make the mistake of assuming their job is done once a patent has been granted. This is not the case. When the USPTO grants a patent, it confers the exclusive right to use, make and sell that patented invention to you. It does not, however, police your competitors.
It is up to you to detect whether or not there are infringements of your patents. If you do find infringements, you have (by virtue of your patent) the right to institute a claim against the party that is unlawfully making, using or selling your invention. The remedies that you will be granted includes an injunction prohibiting your competitor from continuing the offending behavior, and possibly an order of damages in your favor.
How to protect your patent
To ensure patent prosecution in this manner, you have to stay vigilant. Scour the internet and market for possible infringements of your patent, and if you find them–take legal action. That seems simple enough, right?
Not really. There are a few problems with taking only this advice in isolation:
As a startup, you will (almost by definition) not have the funds for lengthy litigation. Anyone worth suing will outspend you in court.
You will also, in all likelihood, not have the money and resources needed to file for a patent every time you think you might be on to a new invention.
Time you spend on lawsuits is time you could have been spending growing your startup. In other words: the opportunity cost for patent prosecution is high. You need to ensure that you do it strategically.
And that is why having a thoughtful patent protection strategy is so important. Patent protection should be done with a clear view of your business, your growth strategy, your market, and your strategic position.
Read More >> https://www.lawtrades.com/blog/blog-post/startup-patent-protection-strategies/#
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