Patenting Your Invention: What Are The Benefits?

The benefits of a patent are that it provides credibility, legitimacy and exclusivity. A patent means that no one else has the invention. Russ Weinzimmer, a patent lawyer whose practice works with individuals and small companies to help them protect their inventions and intellectual property, says that it gives you a marketing advantage and makes a product more desirable because patents imply that there’s something valuable there because it’s been protected.

Patent Attorney Russ Weinzimmer

Having practiced in patent law for over 20 years and whose firm has both national and international clients, Weinzimmer has patented hundreds of inventions. He says that patenting an invention means that it can be obtained nowhere else, so it increases the scarcity, which also increases the value of the invention. He explained:

It helps to market to consumers, investors and lenders who know that a patent confers a business advantage, so the patent holder is more likely to obtain investment funds, loans or grants because there’s something in which to invest. The intellectual property as defined in the patent is an asset, so when a patent application is drafted, something of high value is created.

Many times when a company goes bankrupt, the patents are among the only assets of that company. It is often said that people are a company’s most valuable assets; however, when a company goes bankrupt and doesn’t have any people, it still has its patents.

The benefits of a patent are often misunderstood. However, Weinzimmer recently explained those benefits to millions of television viewers – and in particular to one young boy.

Weinzimmer Guest Stars On Ellen DeGeneres

Weinzimmer’s expertise on patent law is sought by many – including daytime television host Ellen DeGeneres. He was recently invited on the show to be the patent attorney for a young boy who invented something to help his sister with her physical therapy. Although the patent process can cost approximately $15,000, Weinzimmer volunteered to provide that service at no charge and got the patent. He said it was a wonderful experience to help this young man who was trying to help his sister, explain the patent law process to the audience and to be on the Ellen show.

Case Studies: The Benefits of Patenting Your Invention

Case Study 1: Inventor’s Market Advantage

John Thompson, a mechanical engineer, developed an innovative device to improve energy efficiency in residential buildings. Recognizing the value of his invention, John decided to patent it before approaching potential investors. With his patent secured, John gained a significant market advantage.

The patent’s exclusivity and protection against competitors attracted investors who saw the potential for substantial returns on their investment. John’s invention became a sought-after solution in the industry, and his patent played a crucial role in establishing his credibility and attracting business partners.

Case Study 2: Start-Up’s Fundraising Success

Sarah Hernandez and Michael Collins founded a tech start-up specializing in wearable health monitoring devices. They understood that patenting their unique technology was essential to stand out in the competitive market and gain the trust of investors. By securing their invention with a patent, Sarah and Michael were able to raise substantial funds for their start-up.

The patent served as proof of their innovation and provided potential investors with confidence in the product’s long-term viability. The exclusivity granted by the patent allowed Sarah and Michael’s company to flourish and establish itself as a leader in the wearable technology industry.

Case Study 3: Acquisition of Intellectual Property

Lisa Anderson, an entrepreneur with a background in biochemistry, developed a groundbreaking formula for a new skincare product. Recognizing the potential market value of her invention, Lisa sought patent protection. A few years later, a major cosmetics company interested in expanding its product line decided to acquire Lisa’s invention and the associated intellectual property.

The acquisition included not only the product formula but also the patent rights. Lisa’s patent played a crucial role in negotiating a favorable deal, as it granted the acquiring company exclusive rights to the innovative skincare product, ensuring a competitive edge in the market.