Your company has created an actually nifty new product. Should you apply for a license, and also should you trademark the item's name? Thus many other points in life, organization, marriage and sporting activities, it depends.
License a New Product? First off, you can not in fact "patent" a product or service. You can just patent the innovation that entered into producing that product or service. Looking for and also receiving a patent has several benefits.
1. Security and Exclusivity: First and also foremost, getting a license for your invention prevents rivals from utilizing it to create identical or comparable products. For instance, when Post-it notes came out, 3M had actually patented the technology behind them, and that gave 3M an important syndicate for several years. Understand, nevertheless, that the US Patent Office problems patents; they do not enforce them. So if a firm infringes on your patent, you will need to safeguard your license through civil Excited.
2. Extra Revenue: You can license your patent to other companies. While it probably does not make good sense to license your patent to a direct rival, you might accredit it to companies in various other markets and create a wonderful revenue stream. If the item that utilizes the development is not producing the desired sales or revenues for your business, you could after that certify the license - or perhaps market the license - to produce earnings from it.
3. Much Better Safe than Sorry: If you do NOT look for a patent, and also two or 3 years later on you find that a company is utilizing your technology to create a service or product, you might be sorry for not patenting the technology when you had the possibility to do so.
If the patent attorney or patent representative thinks your innovation can be patented, he will certainly help you through the license application process. A license lawyer is an attorney who specializes in what's called "license prosecution," the process of using for and receiving a license. To locate a patent agent or patent lawyer, utilize our totally free Patent Agent as well as Patent Attorney Referral Service.
Protecting Your Innovation: https://www.washingtonpost.com/newssearch/?query=innovation As soon as you have actually requested a patent, you need to make use of the term "Patent Pending" in your sales literary works as well as summary of the item. Doing so will essentially mark your grass, and also it might inhibit competitors from replicating your product.
Trademark a New Product? Equally as you can not patent an item - you can just patent the advancement behind the product you can not hallmark an item: You can only hallmark the name (or brand) of the item. If your brand-new product has an one-of-a-kind name to identify it, you should absolutely apply for a hallmark if for nothing else factor than to avoid rivals from confusing consumers and also stealing sales from you by using the exact same or a comparable item identification for their competing product.
If you just call your brand-new item the Model FHJ-604, after that no trademark is actually needed. If, nevertheless, you've created a name that is distinct as well as unforgettable, (the Die Hard ® battery from Sears is an example), you must most definitely secure your new how to pitch an invention to a company as well as innovative item recognition.
Consult with a trademark lawyer, and also InventHelp prototypes if he believes your brand name or product name can be trademarked, obtain the trademark. As Soon As the US Patent as well as Trademark Office concerns you a trademark, it will certainly be a registered hallmark, so you will certainly after that put a " ® "after the brand.
Patent versus Trademark: While both licenses and also hallmarks are issued by the US Patent and also Trademark Office, they are actually unconnected. An item's technology can be patented while the product's name is not trademarked. Or the item name can be trademarked while the item's technology is not patented.
If your item utilizes a special technology, patenting your innovation makes good sense. If you came up with a valuable name for your brand-new product, trademarking the name makes sense. Both issues must be considered individually.
It is worth a few hundred bucks to have a license lawyer or patent representative look at your innovation and establish if it is worth applying for a patent. If the patent lawyer or patent representative believes your development can be patented, he will aid you through the license application procedure. A license lawyer is an attorney that specializes in what's called "patent prosecution," the process of using for and obtaining a license. To find a license representative or license attorney, use our free Patent Agent as well as Patent Attorney Referral Service.
License versus Trademark: While both licenses as well as hallmarks are released by the United States Patent as well as Trademark Office, they are really unconnected.