Articles

Your patent strategy determines how well you will protect your business’s intellectual property. These innovations and inventions could leak out to your competition and the general public and may end up profiting others if you do not have a solid plan to protect them. Patents are generally issued to the first-to-file basis.

For companies that bring new products to market, setting up an in-house patent program is a great way to acknowledge and reward the creative thinkers that boost your bottom line. People who can come up with new products and processes to expand your production capacities are invaluable and should be celebrated.

Innovative employees are the backbone of corporate progress and success because they come up with inventions that push the business forward. Unless you want your top inventor to be poached by a competitor, you have to show such employees gratitude. You can reward the worker with a bonus, a plaque within the office premises, or hold a patent celebration for them. Although the patent to an employee's invention generally belongs to the firm, you have to create a compensation plan that'll make sure that the inventor gets what he or she deserves.