It really is commonly known that patent filing services and companies protect their innovative products, if they are devices, manufacturing techniques, business methods, or software, from being copied. Patents allow owners to exclude others from making, selling, or importing towards the US the patented product. If the patented goods are infringed, owners may send cease and desist letters towards the infringers, of course, if the infringers continue their infringing activities, the patent owners can go to court and enforce their rights through injunctions or seeking both compensatory and punitive or treble damages. Patents have lots more uses besides these, including:
1. Patents bring collaterals to have loans. If you look into the assignment database of the usa Patent and Trademark Office (USPTO), you will see that many patents are used on various banks. That is because patents are treated as tangible assets. They have their own values, plus they can freely be transferred in one owner to a different, as with every other tangible properties. Banks could use patents as collaterals around the loans they lend to ensure that in case a default occurs, they could seize the patents as a way to remedy the default.
2. Patents may be used to increase a company's value. A company's patent portfolio may be appraised, and its value can put into the business's total asset value. If the business is offered for sale, the value of its patents might help drive its sales price. The stock values of public companies could also increase after they acquire patents either by pursuing their own innovations, licensing, or purchasing them.
3. Patents can be used to settle disputes or lawsuits. Small companies may think they don't have to obtain patents once they don't plan to be plaintiffs in infringement lawsuits. However, they don't realize that patents might help have them off infringement disputes or litigation. This is particularly common in industries in which the major players own various patents. When two companies within the same industry fight in court over intellectual property infringement, the lawsuit oftentimes is resolved through cross-licensing. One cross-licensing scenario may involve Company A licensing a patented component from Company B, and Company B licensing a patented manufacturing technique for a different product from Company A.
4. Patents have defensive uses. By having these, competitors could be discouraged from obtaining rights to similar ideas, which consequently decreases the chance of competitors enforcing an infringement action upon your company. Additionally, with patents, competitors may be deterred from developing, selling or making similar items.