Ultimate Benefits of Patents for Technology Startups – Report
Do you have an amazing idea? Or experimented with a neat little prototype around an innovative concept. Are you excited about its release?
Hold your horses! You are first required to preserve your Intellectual Property (IP).
It takes years of hard work and dedication to develop software. However, once its features are well-defined, it becomes easier for others to replicate the software using a separate language or a platform. Software copyright can only protect the replication of the software code. However, if an identical software code is independently developed, the copyright does not provide any protection for the same. Also, it does not safeguard the delicacy of the idea, core process, or the functional aspects of the software.
This is where “Patents” come into play.
Patents play a pivotal role in determining software and process protection. It adds significant value to the success of smbs and startups, particularly Technology startups. Patents offer exclusive rights to the owner, thereby preventing others from making, selling, distributing, or selling the patented invention without permission. The Bright Side of Patents provides an insight on how patents can benefit the Startup. This published working paper shows how the patents assist the start-ups to become more innovative to reap maximum benefits. A study has found that patent approvals assist startups to innovate, grow their sales, create jobs, and succeed. For a tech startup, the patenting cost might seem a significant expense but it can prove to be an asset in several ways as there are so many amazing patent searching tools and techniques. Below are the ways by which software patents benefit technology startups.
If you are one of the Startup Companies, Consider this:
The delay in your patent application process and application rejections will lead to negative consequences. For every delayed patent application, the employment growth of the startup decreases by 21%. If the same continues for 5 years, the sales graph is bound to decrease by 28%. Not only this, with delayed patent application every year, the average patent granted decreases by 14% and its quality with a 7% decrease. With each year delay, the prospect of the startup to the public is reduced by half. This is the reason why tech startups that offer services and products like big data services, cloud computing, and online project management tools are required to get fully patented before getting completely live for the end-user from its Beta Version.
Ultimate Benefits of Patents for Technology Startups - TTC
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