Innovation is the lifeblood of any organization, and value creation is measured by a company’s intellectual property portfolio. As a business leader, you are responsible for protecting your company’s IP portfolio through patents. What exactly is a patent? A patent is a legal document granted by the federal government that gives the patent owner the right to exclude others from making, using, selling, offering to sell, and importing the claimed invention. Essentially, it is the property right to the inventor. Virtually anything made by man can be patented, such as “a new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement,” according to Fleit Gibbons Gutman Bongini & Bianco PL.
Why patent, you ask? To make profit from your invention! In order to succeed in business, you must protect and manage your innovation. Remember – the wolves are always at the door, just waiting to pounce on your ideas. Patents are part of an offensive and defensive strategy. Intellectual property law keeps your competitors from copying, using, selling or importing your idea. Patents protect your trademark against counterfeiting and unauthorized use.
To read the full, original article click on this link: Why YOU Need to Hire an Intellectual Property Lawyer | Innovation Coach
