The importance of patent protection cannot be understated. In terms of business and financial security it is something that simply has to be complied with and considered, because if you don’t then you really are shooting yourself in the foot.
Patenting is a concept that recognizes and protects your unique designs and ideas from being copied by other market competitors. If you wish to get anywhere in the business world a patent is an absolute necessity so as to help you stand out from the crowd.
The idea of the patent works in various ways, some can be a major bonus and asset, whereas others could land you in big trouble, which is why it is vital to be aware of the laws on patenting to not only guard your ideas, but to also make sure you avoid making any mistakes either.
You only have to look at the high profile patent infringement case between Apple and Samsung during 2012. The accusations concerned Apples complaint that Samsung had copied critical features of the smartphone and tablet design. The case resulted in Samsung having to pay over $1 billion (£632 million) in damages to Apple. Furthermore Apple then set out to try and ban eight Samsung smartphones from the market and therefore take a supremely dominant position in the phone and tablet industry. The fine had a significant impact on Samsungs shares, finances and authority within the market, therefore setting them well back behind their rivals.
Obviously this case is on a huge scale between two giants of the technology industry, but the essence of the story is applicable to all levels of business. It is easy to see then how important the patent is, and how vital it is that as a business owner you are fully aware of its details and laws.
This may seem pretty daunting, and the prospect of losing a lot of money as a result of it is also scary. But there are lots of firms and attorneys that specialise in such areas, and will help you find out more about all the ins and outs. It is definitely worth doing, as it may have a big impact on your business’s future.