I have a Patent – Patents and Business Ventures

I have a Patent – Patents and Business Ventures. A close connection exists between patents and the field of business enterprise. Ideally, inventors or companies will develop the business enterprise and protect the invention that is the basis of the venture with a patent.

It is important to be familiar with the business world as well as the field of patents because these two spheres are often interlaced together within a single enterprise. Sometimes, entrepreneurs with the capability of promoting a business venture do not know about or are not familiar with the field of patents, which can cause them to lose out on some of the financial potential their invention possesses.

It is therefore important to be familiar with the two fields of patents and entrepreneurship. Simply having a patent is not enough: without the concepts of entrepreneurship and business acumen, it is difficult to make the most of, and sell the patent, and it may remain “on the shelf”; but without the patent, in many circumstances, the business venture will yield far less than the invention’s potential.

Registered patents, ideas and business ventures can be developed and advanced with the advice of suitable professionals: qualified and knowledgeable individuals with experienced in previous ventures. This is important as a lack of experience and lack of advice may reduce potential future profits. To illustrate: a business entrepreneur started his business venture but only decides to file a patent application after confirming people are interested in his product. At this stage, he may have already publicized his invention. Publication of the invention prior to the submission of a patent application precludes the granting of a patent. This could lose the entrepreneur his potential monopoly right that would have been granted with a registered patent. Had he initially filed a patent application and only then published his invention, he could have received a registered patent to protect his invention.