How can I benefit from my patent?

Broadly speaking, there are three ways to benefit from your patent.

First of all, a patent grants you exclusivity or a monopoly in a certain country and for a certain time. This allows you to fight competition and demand a higher price for your product. For many small companies a patent is often desirable because investors value it.

Secondly, a patent can also help convince investors or partners to cooperate with you. This is especially the case for small companies and start-ups. Holding a patent portfolio can also be an important asset if someone wants to take over your company as it increases your company value.

Thirdly you can allow others to use your invention. This can be done by selling your patent and/or by granting user rights or licences.