A patent is a concession granted to an inventor. It grants them exclusive rights to:

1. produce an idea
2. sell an idea

Both are allowed for a set period of time. During this period, the inventor is protected from other people and businesses because no one is legally allowed to create the patented product or sell it. In other words, a patent guarantees that the only individual who benefits from the idea is the creator.

As long as the patent is valid, the inventor can license another company to make the product as stated in the agreement. This path is usually taken by the patentee when he does not want to sell the item at his own expense.

In simpler terms, a patent gives the inventor control over:

1. How to do it?
2. How to use it?
3. How to sell it?

The pros and cons of filing patents

In order to make a genuinely informed decision, a person must be aware of the advantages and disadvantages of filing a patent. Once the drawbacks and benefits are clear, one can decide whether or not patenting a creation is the right choice.

• What are the limits of patenting?

1. The biggest drawback of a patent is the full disclosure of the invention. Since all the technical information is known to the public, anyone can reproduce it. That’s why some creators prefer to keep the data a trade secret.
2. The patent application process is not only time consuming but also lengthy. In some cases, the granting of the patent can take years, which means there is a high risk that the market will change and the technology will become obsolete.
3. Filing a patent comes with a threat of lawsuits. Competitors tend to file a case to invalidate the patent. Other creators can file a lawsuit stating that the new patent infringes their rights. In extreme cases, people can even claim damages or injunctive relief, both of which take time and money.
4. The protection granted by a patent is not absolute. A contestant can still reproduce the invention and present it as his own. In such cases, the original inventor must be ready to defend the patent, which requires hiring a lawyer and investing more money.
5. A patent is limited to one country: the nation where it was filed. To produce, sell or market the same invention in other countries, it has to be patented in each of them, which requires different applications.
6. The language of the patent is crucial and hard to get right. If it’s too broad or too narrow, you can allow other companies to replicate the idea with only slight changes. Even a single variation would do the replication, without violating the patent.
7. Generally, a patent lasts for 14 to 20 years. Therefore, the patentee only has this term to benefit financially from the idea. Once the patent expires, anyone can start selling the product.

• What are the benefits of patenting?

1. ​​Most inventors need financial backing to sell their idea. This requires asking investors for capital, which exposes them to the threat of idea theft. If they have previously applied for a patent, they are guaranteed that no investor can steal their creation.
2. A patent gives the person a monopoly of the market. Since they are the only ones who can manufacture, distribute, sell, import and export the idea, they can make a lot of profit. No matter what markup the item sells for, people will buy it because it’s the only one on the market. The financial benefit of patents is the biggest draw.
3. Let’s say an inventor knows how he can improve an existing product and make it better. In this circumstance, the inventor can file a patent to ensure that the manufacturer of the original product does not improve it and start selling it.
4. Generally, the person who holds a patent can ask for a premium to produce the invention because there is no similar item on the market.
5. If the creator does not want to manufacture the discovery, they can sell the license or the patent itself. In this case, the inventor will get a royalty for every sale he makes. This is a particular benefit for those who do not have the time or money to commercialize the invention.
6. For small businesses, a patent may be the only thing that drives them to expand. Many investors agree to put up capital if a company is entitled to a patent.
7. Not just small businesses, but all businesses benefit from patents because they increase the credibility of the business along with the inventor.

Food to go:

When one contemplates the pros and cons of filing patents in India, the rebate side wins hands down. Still, it is recommended to consider each factor carefully. Think about whether the advantages outweigh the challenge of applying for a patent. For a start-up, it can mean a lot of cost and complexity, but it can also mean the springboard to success. For a single inventor, it can amount to years of legal work with no return. In the end, the question is it enough to make the knowledge public and get full legal rights to the idea?