Owning a Patent is Almost Like Having a Monopoly
Patenting a product or formula gives you the exclusive rights to market and sell products under that patent. Essentially, you have a monopoly. As Warren Buffett has repeatedly invoked: Monopolies are the best businesses to own. There’s no competition.
The U.S. Chamber of Commerce has estimated that patent violations cost businesses over 6% annual ROI for every violated patent. How much does that translate into in your business?
Vigorously defending your monopoly should be a core constituent of your strategic plan. If you have invested the time, effort, and money into patenting one or more aspects of your business’s strategic advantages, not pursuing patent infringers is like throwing money away.
Enforcing Your Patent Rights Must Be A Core Strategy for Protecting Your Competitive Advantage If You are an Operating Business
Operating medium-sized businesses that enforce their patents have the option of seeking monetary payments up front, ongoing royalty payments, and/or restrictive covenants that reduce competition for the patented products.
Those that prosecuted patents will also find that their patents—having gone through the test of litigation (and sometimes, patent re-examination in front of the patent and trademark office), these patents provide robust disincentives to others who might sue, and are the often the bases of powerful counter-offensive strategies, that our own clients have been the beneficiaries of.
Medium-sized businesses and inventors that filed patent infringement suits tended to use contingency fee patent lawyers. This allows them to leverage their assets, while shifting the risk and cost of being wrong on to someone else—a very smart move, indeed.
What Should You Do If You Believe Your Patents Are Being Infringed? Speak to an Expert Immediately.
Mr. Sbaiti is a Dallas-based patent litigator, and represents plaintiffs in patent lawsuits, including software patents, pharmaceutical patents, and telecommunications, all over the country and often on a contingency fee basis.
If you would like more information about your case, please call (214) 432-2899