Entrepreneurs and inventors in New Jersey may naturally find the thought of owning one or many patents attractive for them personally as well as professionally. While there are certainly benefits to seeking a patent for a new invention, there may well be times when it is not in the best interest of the inventor or the company. Before attempting to receive a patent, people should consider a few key facts.

As explained by Forbes, some people think that once they have a patent that they are essentially safe from competition. This is not really true. Instead of thinking about what a patent might prevent others from doing, it is best to think of a patent as something that gives the holder the right to take action against another company if it in any way violates the patent. Also important to know is that a single patent cannot provide global protections but can only offer protection within the jurisdiction of the granting organization. Worldwide protection would require patents to be achieved in multiple countries individually.

IP Watchdog notes that there are some things companies might do that unknowingly get in the way of their right to seek a patent. For example, any company that uses an invention publicly or sells it has only one calendar year in which to seek a patent. After that time, the opportunity is lost.

Detailed research should be conducted to ensure no other like or competing patents exist before embarking on the time and cost involved in seeking a new patent.