FAQs: 2. Can patents play an essential role in business growth?

What is a patent?
The first of our FAQs series: What is a patent?

Can patents play an essential role in business growth?

A patent can be a hugely powerful monopoly. Not only can it stop your competitors from doing the same, and protect your revenue stream, but it can also act as a deterrent to others trying to enter your market. You may start your business around a ‘core’ patent, but as you scale up your business, you can use additional patents to ‘ring fence’ your technology, and help to keep your competitors at bay as your market share grows. So, can patents play an essential role in business growth? Without doubt.

And don’t forget that Patent Box tax relief can provide significant savings, and effectively increase your profit margin.

What to do if you think someone is infringing your patent?

First of all, consult a Chartered Patent Attorney, to confirm that they are, in fact, infringing your IP rights. The next steps would normally involve a round of pre-court correspondence, which is often enough to negotiate a settlement, depending on what you want to achieve. It is relatively rare for court proceedings to need to be issued, and rarer still for any court proceedings to reach the final hearing stage, so it need not cost the earth to defend your patent rights.

Can patents play an essential role in business growth in other ways too?

Apart from being able to stop your competitors from muscling in on your market share, having a patent (or series of patents) can have other significant benefits. Firstly, they add value to the business simply by being assets, but they can also influence investors and attract investment. Filing a patent application can also help in any R&D tax credit claim you are making (or plan to make), and can even help to influence grant funding applications. Finally, patent owners can benefit from Patent Box tax relief, that significantly decreases the corporation tax payable and, therefore, effectively increases your profit margin.

For more information about financing your innovation with intellectual property, read our blog: Financing your Innovation with IP.

Need help?

There are numerous reasons why patents can benefit your business as you grow, and we can help you to decide whether to patent or not to patent…book your free consultation today.

Call: +44(0)7714797135

email: vicki.strachan@strachanip.co.uk

wesbite: https://strachanip.co.uk/contact/

or just book a mutually convenient meeting via the

Calendly link: https://calendly.com/strachan-ip-a-fresh-view-of-intellectual-property/30min

Final note: if you want to secure patent protection for your invention, you must not disclose the invention to anyone, except in the strictest of confidence, unless and until a UK patent application has been filed.

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