I’ve previously talked about how you can go about getting help and support when it comes to an invention. One area that is often overlooked though is patenting your invention.
However, a question that some may have is why should you patent an idea? The reason is that should someone else have a similar idea to you, they won’t be able to use it and therefore you won’t have any competition. However, it also means that should someone want to use your idea, you can license out the rights to it. What this means is that even if you do not act on the patent, you can allow others to do so, and still make money from it.
When you do patent an invention ideas , it shows that you do have faith in the invention and the belief that this will not only work, but be extremely profitable. The benefit of this is that when you go down the route of securing funding, be it from a group of investors, or from a bank, you will be able to produce the patent documentation to them. This shows them that you hold all of the rights to the invention, and therefore it is more likely that they will be able to fulfil your funding requirements.