Protecting your intellectual property by patenting it is an essential legal system in the present business world. What the patents do is they maintain the competition and guarantee innovation. Indeed, the country has witnessed a remarkable increase in patent applications, which signals that intellectual property protection is very important in any business and should be dealt with cautiously.
For example, in 2022, a substantial indicator was a 31.6% increase in patent applications in India, with nearly 59,000 applications being registered. This trend shows that patents are significant in any business.
In this blog, we aim to address why businesses getting patents in India matter and how it differs from trademarks and copyrights. Also, we will advise on how to patent your business.
What Is Patent For Business Name?
A patent is a right that a country grants the inventor, and the owner is the only one allowed to sell their creation. This includes making, utilizing, and selling the invention for a specified period. The patent business secures the inventor’s right to be the unique owner and to exclude all other individuals from using the product.
The Patents Act 1970 is the legislation dealing with patent-related problems in India. It lays down the steps and qualifications obligatory to get and enforce patents. Businesses should patent their products or innovations earlier than their competitors to prevent others from using them and for the protection of their intellectual property rights.
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Types of Patents
In India, there are primarily three types of patents:
- Plant Patent
With a plant patent, its inventor has the only authority to restrict third parties from producing, using, reselling, or giving away the patented plant type.
- Utility Model Patent
A utility patent is a kind of patent that guards innovative and practical innovations, including equipment, compositions of matter, methods, and advancements in already-existing technologies. Utility patents emphasize an invention’s functionality instead of its design.
- Design Patent
This kind of patent safeguards a product’s visual design or look rather than its operation. It guarantees that the design has not been copied from anywhere else. Businesses can gain substantial protection by securing patents on the business names or unique designs.
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What Can You Protect Via Patent?
Patent a company for its intellectual property rights. This is a list of what can be protected:
- Products: Every new and original product or device that can solve practical tasks for people worldwide.
- Processes: You can patent original business operational techniques and manufacturing methods. Here are some profitable manufacturing business ideas.
- Machines and Apparatus: Inventions concerning machines or tools that improve energy efficiency or any specific functions.
- Compositions of Matter: The invention of a new chemical composition or the formulation of a new compound.
A patent on a business name or new product guarantees these vital components are not harmed by illegal access, copying, or imitation. This will give the firm a competitive advantage in the market.
What You Cannot Protect by Patent?
Every person or business interested in patenting their business innovation should know the exceptions of patenting. With this knowledge, you will go through the patenting requirements smoothly and without resistance to developing your ideas.
- Abstract Ideas: A theory is not patentable. You require empirical evidence to support the novel, beneficial, and potentially beneficial nature of such an idea, hypothesis, or notion.
- Natural Phenomena: You cannot patent an idea that happens naturally by itself without human interference.
- Mathematical Methods: Solely pure math-related formulae or algorithms cannot be patented.
- Methods of Medical Treatment: Medical or surgical treatment methods in India cannot be patented.
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How to patent company name?
Here’s what you must do to patent a business innovation:
- Patent Search: Before you file patents, verify that your invention is original and has no existing patents.
- Prepare Application: Prepare a well-structured patent application that lists all the information about your invention, such as descriptions, claims, drawings, etc.
- File Application: Head to the Indian Patent Office site or the premises and file the application.
- Examination: The application will undergo a patent act check to ensure compliance with the law.
- Grant or Refusal: The patent will be granted if the applicant fulfills all the specifications. If it is refused, it will probably be due to an issue in the application, and some modifications may be required.
An estimated cost of patenting can be between INR 50,000 to INR 2,00,000 or more depending on the complexity and legal fees involved. It is advisable to engage a patent attorney who will assist you in successfully navigating the process.
Importance of Patents for Businesses in India
A patent on a business name is crucial for protecting inventions, granting legal authorization to own a product, and having the authority to sell, market, or use it for business purposes. Additionally, patents offer several benefits to businesses in India. Here’s an overview:
- Helps a Business to Grow: Legal authority over a product provides the opportunity to market it and build margins on market share. For example, an iPhone is one of the most selling smartphones globally. Similarly, a patent allows businesses to market their product globally with all exclusive rights.
- Protects Intellectual Property: A patent for a business name or invention gives the owner all the exclusive rights to their intellectual property for a specific period, usually 20 years from the filing date. These rights prevent other businesses from using, selling, or distributing the patented invention without permission.
- Revenue Generation: After the patent and getting a licensing agreement or sales on a product, you can easily monetize once you market it. Businesses or individuals can earn royalties from licensing their patents to other companies or sell them outright for a profit.
- Investment Opportunities: A business or product with patent rights has more value than others. Inverters often look for patented technologies because of their assurance, uniqueness, and competitive edge. Simply put, patents can be magnetic for businesses and investors.
- Competitive Advantage: Having a patent can easily put businesses above the competition with uniqueness and assurance. It can also prevent competitors from entering the same market or copying your innovations.
Takeaway
For all new business ideas, there is a need for them to be patented to prevent being copied and, at the same time, ensure a competitive edge. Proper knowledge of patents, their intended scope, as well as the application process, can help avoid issues during filing the patent. Therefore, patent your business innovations to lead in the competitive business world.
Frequently Asked Questions
- What is the importance of patent business name?
Patents are considered the protectors of the idea, helping to create an edge in case of competition, fueling investors’ interest, and making technology transfer and licensing possible. Generally, they are instruments that can help in business growth and security.
- What are the most marketable inventions that can be patented?
New and useful inventions, including novel products, unique designs, innovative processes, and distinct plant species, can be patented. However, ideas, which are intangible inventions, natural laws, and natural phenomena, cannot be given a patent.
- What is the duration of the patent application process in India?
In India, the timeframe for getting a patent on business name varies from several months to a couple of years. The main determining factors are the essential variables, such as complications with patent applications at the patent offices. Usually, it is between two and three years.