Starting a tech company can be a great way to generate income, but it also means that you may be dealing with intellectual property that you want to protect through patents. The filing and maintenance of a patent can be quite expensive, so startup companies need to take the time to carefully plan out a patent strategy as part of their business model.
Here are three important components that you should cover when creating a patent strategy for your tech startup in the future.
1. Determine your desired level of secrecy.
When you are trying to determine if filing for patents is worth the associated expense, it can be helpful to think about your desired level of secrecy. Patents are intended to provide protection for new and innovative ideas that have an industrial application.
If you intend to share your ideas with clients or the general public as your tech startup expands, then obtaining a patent may not be in your company's best interest. If you want to keep your ideas secret as you move forward with your business model, then filing a patent should be a priority. You can work closely with a registered patent agent to determine how patents can be used to meet your secrecy needs as you create a patent strategy for your tech startup.
2. Determine how a patent can improve your company's position in the market.
Tech companies must operate within a competitive environment in order to experience success. You should factor this competitive environment into your plan as you create a patent strategy for your startup company in the future.
Patents can be used to improve your company's negotiating position when you are attempting to seek out investors, collaborate with larger companies, or expand into new sectors. Be sure to consider the ways in which a patent can be used as a bargaining tool to improve your tech startup's odds of success as you create a patent strategy.
3. Determine where you want to do business.
As you work to create a patent strategy for your tech startup, it can be helpful to focus on your intended audience. Knowing where you want to do business will help you determine which companies you will need to file patents in to protect your ideas as your company grows.
Limiting your patent applications to countries where your tech startup will actually operate can provide you with maximum protection while minimizing your startup costs.
The creation of a patent strategy is critical when it comes to protecting your tech startup's intellectual property. Be sure to factor in your desired level of secrecy, your negotiating position, and your target market before filing for a patent to ensure the application process benefits your tech startup.