There’s a lot of misinformation about patents out there. Here are some of the top “Patent Myths” we’ve heard recently:
- MYTH: The lack of a significant patent portfolio won’t affect your company.
- REALITY: By not protecting all your potentially patentable inventions you are “leaving money on the table.” In fact, having a patent portfolio can increase the valuation of your company by nearly 30%.
- MYTH: There’s always been a steady flow of companies patenting their inventions. It’s a normal part of business and there’s no reason to prioritize it.
- REALITY: Currently companies all over the world are participating in an intellectual property “land grab.” According to WIPO, overall patent activity is up strongly (8.3% annual growth) and globally as China is turning up the IP heat big time (21.5% annual growth).
- MYTH: To protect your inventions with patents you need to hire an IP law firm.
- REALITY: Companies large and small are working with TurboPatent to obtain better quality patents in about half the time and at half the cost of a law firm. (Our “secret sauce” is AI-powered patent tools help us draft extremely high quality patents very quickly).
We’re always happy to answer any questions about patents or the patent process. Contact us here.