| |MARCH 20198Consultants Review patent is a legal monopoly granted by a government in return for public disclosure of an invention. A granted patent gives the proprietor the right to prevent others using the invention in the territory to which the patent applies. A patent can be very valuable to its proprietor, as it allows the proprietor to exploit his or her invention free of competition from others. They can choose to work the patent themselves, for example, by manufacturing the patented product, or they can choose to license other people to use the invention, usually for a fee. If anyone uses the patented invention without a licence, they can be sued by the proprietor. If an infringer is successfully prosecuted, they can be stopped and ordered to pay damages and costs. A patent can therefore reserve the marketplace for the patent proprietor and/or be used to generate revenue for the proprietor. While these benefits are important to a businesses of any size, patents can confer a number of additional advantages that are particularly significant for startups.Improved Prospects for InvestmentA key patent, or indeed a comprehensive patent portfolio, can help to attract investors for several reasons. While serving as an entry barrier against potential competitors, patents can demonstrate that the startup is of a certain quality. This can help to offset the liabilities that are often associated with being a new enterprise, and strengthen the startup's position in negotiations. It comes as no surprise, therefore, that while around 40 WHY DOES MY STARTUP NEED PATENTS?By Ravi Srinivasan, Partner & Patent Attorney, J A KempHeadquartered in London, J A Kemp is a full-service Patent & Trademark company offering a wide range of services that include Patents & Trademark Designs, Litigation & Dispute Resolution, Supplementary Protect, Plant Variety Rights, and many others. AIN MY OPINION
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