Many applicants/businesses don’t realize that their innovative processes, software, business methods, etc., are potentially patentable. Patents are available for many types of innovation, not just mechanical devices.

If your competitors independently develop the same innovations as your trade secrets, those competitors could patent the innovations which might prevent you from using your trade secrets.

Patents can provide additional revenue streams from licensing. Patents can also be used to maintain a monopoly and hinder competition. Some innovative solutions your business has developed may have applications in other industries and fields (which could result in licensing income from non-competitors). Patents can also be leveraged in cross-licensing agreements to allow your business the use of others’ patented innovations as written in this post on https://www.advfn.com/newspaper/advfnnews/50958/let-inventhelp-assist-with-your-invention-idea.

Innovations and methods can become public domain (and be rendered unpatentable) if patent applications aren’t filed in time. Disclosure, advertisement, use, or sale, etc., of an innovative product or process before filing a patent application may result in the loss of international and/or United States intellectual property rights.

The strength or weakness of a patent depends on several factors, such as the language chosen to enable and claim the innovation. A well-written patent is more likely to provide broader protection and less likely to be invalidated by litigation.

Non-disclosure agreements do not provide licensing rights, do not establish a priority date for overcoming prior art, and do not protect against independent development by others. It may also be difficult to establish when and if non-disclosure agreements are breached, since use of independent innovations cannot be prevented.

InventHelp patenting agency provides competitive fixed fees, quoted in advance, so that businesses may make decisions and budget predictably as you can see from this article – https://www.tmcnet.com/topics/articles/2019/05/23/442268-turn-idea-into-new-product-with-assistance-from.htm. Their office can help with intellectual property strategies to fit any budget.

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