Did you know that patent filing in India has increased by more than 50 percent in 7 years? The number of patents filed in India rose to 66,440 in the financial year 2021-22 as against 42,763 patents filed in 2014-15. This statistic has increased in the span of 50 years. Having substantial Intellectual Property Rights gives you an edge over your competitors and adds to your advantage.
Did you know that patent filing in India has increased by more than 50 percent in 7 years? The number of patents filed in India rose to 66,440 in the financial year 2021-22 as against 42,763 patents filed in the year 2014-15. This statistic has increased in the span of 50 years. Having strong Intellectual Property Rights gives you an edge over your competitors and adds to your advantage.
India has achieved a new milestone in registering IP assets, especially patents. It has been documented that India has recently suppressed the number of filings of international patents. It’s great to see that we are finally getting our way around globally.
Need for having Strong Intellectual Rights for an Inventor
Intellectual Property Rights refer to any new idea or creation of the mind and are intangible in nature. As the name suggests, they are by-products of the intellect of our mind. Intellectual Property Rights have both moral and commercial value. Having strong IP in hand can broaden the new dimensions and can help in flourishing your commercial businesses. It also helps in enhancing the market value of a commercial venture. The inventor of creation spends his blood, sweat, tears, and years of research inventing something that is worthy of accomplishment. Therefore, it becomes necessary to protect IP rights.
Not protecting IP rights can be drastic. Unprotected IP assets such as one’s noble creation, invention, or brand can easily go into the hands of potential imitators. Monetizing intellectual property rights can reward the creators of IP. In the modern era, Intellectual Property Rights have the power to convert innovative ideas into a profit-yielding machine.
Licensing intellectual property assets can surely be an additional income source and can also boost the business by bringing more and more royalties for the creator.
Registering intellectual property assets, especially patenting a noble and new invention can be genuinely noteworthy and reap fruitful benefits by reaping monetary benefits and by giving name and fame to its inventor. Patenting secures the privilege to keep others away from manufacturing, trading, retailing, or stealing that noble invention idea. It also protects an inventor from numerous counterfeit and false claims.
Challenges that an Inventor Faces in Registering his IP Rights in Reference to Patents
There are several issues an inventor faces when it comes to registering their Intellectual Property Rights specifically patents. These are given below;-
- One needs to have technical expertise in converting their idea into a successful invention or innovation. Patents cannot be analyzed with a layman’s vision.
- Patents work on the basis of filing basis. Therefore it becomes vital for an inventor to choose a suitable time for filing a patent. It should not be too early as it cannot be supported by an appropriate or it should be too late also because then other inventors will snatch the chance to file a similar patent.
- A patent application is always drafted by a person who has keen expertise in the technical and legal fields. Often the terminology used in the drafting can become tough to interpret. This limitation further hinders the registration of a patent.
- Another aspect is, that the invention needs to be specifically and broadly explained in detail in the description, This means that the very possible even the minute details related to the invention must be mentioned in the description. Sometimes it becomes tough for an inventor to see every possible aspect of his or her invention. This is a great obstacle for an inventor when it comes to registering patents.
How OctaneIQ can help Inventors in Patent Registration
If you are looking for an expert who holds decent expertise in patents then OIQ is an appropriate platform for you. It provides a plethora of patent support services. It includes patent analysis, patent filing, outlining, and monetizing.
OIQ has a network of IP professionals who have years of experience when it comes to the outlining and registration of patents. We assure you to provide you with the business solutions you are looking for, book your free consultation today.
