A company`s patents are an asset. They can be used to create new & innovative sources of revenue and income for the company. However patents need to be managed efficiently to ensure they remain profitable. This post will outline some of the best practices for patent management,including how patents can become an efficient profit center for your business — especially with the help of a !

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What is patent law and how do businesses use patents?

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Patent law is the body of laws and regulations that govern patents. Inventors with patents have the exclusive right to make,sell,and license their inventions. They are an asset for any company because they protect business methods,offer an additional revenue stream through licensing deals,and can be used as a guidebook & reference for research into future product design. And yet,without attention to the documents that protect them,your products could become worthless.

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In the United States,patents are registered through the U.S. Patent and Trademark Office (USPTO).

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Make Your Patents into Business Asset

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From patent application to registration,there are 2 chief ways you can give your inventions a greater ROI: save costs with the help of a patent lawyer,which is explained in better detail at ,and increase revenue with a patent portfolio.

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In the long run,the savings in cost will be worth it if you decide to work with a patent attorney. You won`t have to waste thousands on rejection after rejection.

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To increase revenue,your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. This is possible if you patent not only the content and design of your invention,but also its use and methods for how it`s used or manufactured; for this,there are design patents,and utility patents.

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The law lets you totally enforce your advantage over the competition if you have a patent portfolio.

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Technology companies such as Apple even have a distinct patent portfolio or patent system for each of their products,due to the intricate technology that makes their products as classy and distinctly “Apple” as they are. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.

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Patents can even be used as an engine behind brand new & creative marketing campaigns,which can turn out long-lasting.

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Patent Licensing Revenues

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Another way to monetize your patent is generating revenue from licensing. You can generate income off others` legal use of the patent while still having full rights over it.

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Licensing patents will allow you to leverage other people`s R&D investments and give them access to products or methods that may have taken years or even decades for them to develop themselves. This even reduces competition! Heck–instead of competing with your competition,why not collaborate with your competition?

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Patents turn into profitable assets when you sell them outright rather than try and recoup the investment in patents.

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Generally,inventors can have a protected patent for no more than 20 years from the date granted,including a few mandatory maintenance fees. For successful patent registration,inventors must disclose the details of their invention to the public as soon as it becomes available.

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Patenting usually comes at the finish of product department when the product is ready for primetime. If you think you`re ready to be a new patent applicant,don`t fall for landmines: have the guidance of a patent lawyer () so you`ll come out happier & more successful on the other side of your patent application process.