Why Patenting Your Intellectual Property (IP) is Important

Patenting your intellectual property (IP) is an important step for any business looking to protect their products and services from theft or infringement. It is also a great way to demonstrate to potential investors that your business is serious about protecting its assets. In addition to this, R&D costs can be optimized when claiming credits when tied to an IP.  So, what does it take to patent your IP? 

First, you need to determine which type of patent is right for your business. There are two main types: utility patents and design patents. Utility patents are the most common and protect inventions, processes, or machines. Design patents protect the look of a product. It’s important to determine which type of patent is best suited for your business before you begin the patenting process. 

Next, you need to conduct a thorough search of existing patents to make sure that your invention is unique. You also need to file a patent application with the U.S. Patent and Trademark Office. This application should include detailed descriptions of your invention and drawings of any components. It should also include a claim that outlines the scope of your invention. 

Finally, you will need to respond to any inquiries or objections from the USPTO. This might involve making changes to your application or providing additional evidence to support your claim. Once your patent is granted,it will be considered a intangible asset on your balance sheet so be sure to capture it’s value in your financial reporting.

Not sure how to go about filing? Inc. has a great article on 8 steps to file your patent application.

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