Patent infringement is becoming an increasingly common issue facing established companies. If your company has developed a progressive product or service that meets a specialized need in your industry, businesses will attempt to replicate your success.
As the threat of patent infringement continues to rise, it becomes necessary for businesses to protect themselves. The first level of protection is to file for a patent with the U.S. Patent and Trade Office (PTO), which grants you legal protection against competitors who want to steal your products or authentic business ideas. However, obtaining a patent is only one layer of protection; the government has no legal obligation to guard your business against any violations—that responsibility rests on your shoulders.
According to the Patent and Trade Office, patent infringement can cost businesses an average of $250 billion and over 750,000 jobs every year. Every month, stories of patent infringement litter the news cycle and showcase how commonplace the reality of these issues are. Just recently, BlackBerry sued Facebook for incorporating features into their messaging app that infringed upon BlackBerry’s patents, proving that even well-established companies like Facebook are not above using another company’s information for their own gain.
If a competitor tries to replicate, use, or sell your patented invention, it warrants legal action. This is why patent valuations are so critical for businesses. A patent valuation not only proves the overall worth of your company, but corporations and law firms seeking retribution for patent infringement require a patent valuation to validate loss of income in court. It is your right to not only request an injunction to prevent additional losses by stopping the violator, but ask to be compensated for damage and losses to your brand.
Because patent infringement lawsuits are timely and expensive, it may be beneficial to pursue a few options before taking legal action. You or your attorney may attempt to contact the company in question to set up an in-person meeting in order to find a solution before taking it to court. Due to the complexity of patent infringement, a meeting will not always end with a resolution, which is when a court case may be necessary.
In the event the infringement suit is taken to court, it is important that you not only have an attorney to represent you, but an appraiser as well. The defendant will do everything in their power to question your patent’s validity and point out any inconsistencies in language. If you don’t have expert representation, you risk losing your case.
At Appraisal Economics, our team is experienced at providing expert witness testimony in court. We fight to protect your patent and brand, and to not only ensure that you are compensated for the full monetary amount you lost at the hands of your infringer, but to protect your patent against future infringement.