Are you under the impression that software can’t be patented? If so, that’s not true in practice.
Patenting your inventions gives you advantages when it comes to your supply chain and customers.
You can prove you’re innovative by obtaining patents. They signify a commitment to quality and pushing the boundaries of your industry. Suppliers may see you as a reliable partner in the supply chain because you are more likely to provide high-quality, cutting-edge products or services. Suppliers also may be more willing to collaborate with a company known for innovation. Carve out your niche.
You can exclude others from using your inventions with an approved patent. This exclusion will last for a defined period (usually up to 20 years), meaning competitors cannot make, use, or sell your invention without your permission, this protection ensures that your unique contributions remain your competitive advantage and under your control.
For example, if you had produced a novel method of manufacturing your product faster, more cheaply, effectively, or added any advantage to the end product, this means your supplier is confident they’re sourcing an industry leader. What sets you apart may be your biggest selling point, and this can take the form of at least a patent or two!
Negotiation is an unavoidable part of going commercial, and patents give you negotiating leverage if the patented technology enhances the suppliers’ products. Customers on the other hand may choose your products over competitors’ because they value the exclusive features protected by your patents.
A strong patent portfolio can enhance your company’s market value, suppliers and customers may find this appealing since it demonstrates your commitment to innovation and a strong market position.
Customers and suppliers want to minimise risk in their business relationships, so when you have patented inventions, the establishment of your own IP portfolio signifies stability and makes it easier for others to engage in business with you.
By showing cadence and consistency in innovation, patents demonstrate the long-term sustainability of your business. They protect your investments in research and development, encouraging continued innovation. Customers and suppliers may prefer to work with a company that has a track record of sustained innovation.
Remember, if you’re innovating, you have to have something to show for it. Patenting inventions not only protects your underlying IP but also enhances your credibility, negotiating power, and competitive position.
