Suddenly you get an idea and you start working on it. You spend a considerable amount of time and at all given times deep down keep thinking of your idea day and day out. You have many sleepless nights and many restless days. And finally, one fine day after months and years of experimenting and tinkering your idea has finally materialised. You see your dream turn into a reality. But have you thought of getting your invention patented? If not, then it’s time that you should patent it.
Why should you get a Patent:
A patent gives the inventor complete rights by the country. This allows the inventor to use and sell their invention in their country during the time span of the patent. It also assures that other people don’t make the same invention. Other advantages of filing for a patent are a strong market position and a positive image of the enterprise.
Patents are usually taken for monetization. Patent Monetization is the generation of revenue or an attempt made to generate revenue by the company or the person licensing or selling its patent. Furthermore, patent monetization helps in financially leveraging the patents. Also, investors favour tech start-ups which have patented innovations.
A company which helps in licencing intellectual property is Ittiam Systems. A Bengaluru-based technology firm, established in 2001, stands for the acronym “I Think, Therefore I Am”. This signifies their quest for knowledge in order to attain excellence in technology.
Ittiam is focus oriented in the field of IP creations. The company received its first grant for a patent in the year 2004. Today, it boasts of having over 128 granted and published articles for the 75 inventions in their kitty. Ittiam earns a substantial revenue through selling, licensing and royalty of their intellectual property. They have distinguished itself by IP creation and patent filings. Their philosophy of innovation is creating valuable pieces of IP and technologies.
The company’s business model is based on licensing and royalty based on the production by the customer. Moreover, it uses the intellectual property for the development of product companies across the world. Ittiam has been using patents for a long time now and this helps to avoid being sued when they sell IP.
What we can learn from Ittiam:
Intellectual property (IP) is an important part of intangible property and assets of a start-up. The protection of inventions and innovations lead to the creation of a patent portfolio. This holds immense potential in value creation by direct or indirect monetization.
Further, you can visit Bots N Brains to know more about securing IP rights for the start-up and managing them. One should be careful to protect and leverage for competitiveness so that the growth can happen continuously and seriously.