In today’s competitive business environment, Intellectual Property (IP) rights are considered as the most valuable business asset and an integral part of a company.
Sometimes it even decides the success or the failure of the business. Therefore, the protection of IP assets is mandatory for companies to sustain in the competitive business market. Among the other intellectual property, the patent is considered as one of the essential business tools.

In a fast-growing economy, innovation is adopted as an effective strategy to achieve a competitive advantage in the market. On one hand, a rapid increase in startups and on the other hand, the expectation of the consumers puts enormous pressure on companies to become more creative and dynamic. To sustain in the challenging business environment, protection of the invention through the patent is very much necessary for companies. let us look at some privileges one can get by filing a patent

Privileges by filing a patent

Patents are considered as the most valuable assets for
the Company. This helps to increase the revenue of the business, but it not just limited to earn a profit; there
are many privileges one can obtain through filing a
patent. Let us know some of them.

1. Strong position in the business
Through exercising these exclusive rights, it will prohibit others from using patented invention commercially, thereby reducing competition and becoming the dominant player
in the market.

2.Positive image for Company
The patents can be seen by business partners, investors, and shareholders as evidence of the Company’s high level of expertise, specialty on the technological capacity. This
can be useful for raising funds, finding business partners, and increasing the market value of the Company.

3.Better branding of the Company and products
By securing a patent for an invention, one can create the right image of business among the customers, which will give an enormous advantage in the competitive business market.

4.Higher investment returns
After having invested in a great deal of money and time in producing innovative products, one can market the innovation to obtain higher returns on investment

5.Possibility to license or sell the invention
one may sell it or grant the right to sell it to another business which will provide a source of income for the business.

This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.