Today's blog was written by our Head of Knowledge Management, Marios Georgiou.

Securing patents for your inventions offers distinct advantages in both your supply chain and with customers.

Patents serve as evidence of your innovation and reflect a dedication to quality and industry advancement. This fosters trust among suppliers, who view you as a dependable partner for delivering high-quality, cutting-edge offerings. As an innovative force, you can better position yourself in the market, creating a unique niche.

You can exclude others from using your inventions with an approved patent. This exclusion will last for a defined period (usually up to 20 years), meaning competitors cannot make, use, or sell your invention without your permission, this protection ensures that your unique contributions remain your competitive advantage and under your control.

For example, if you had produced a novel method of manufacturing your product faster, more cheaply, effectively, or added any advantage to the end product, this means your supplier is confident they’re sourcing an industry leader. What sets you apart may be your biggest selling point, and this can take the form of at least a patent or two!

Negotiation is an unavoidable part of going commercial, and patents give you negotiating leverage if the patented technology that enhances the suppliers’ products. Customers on the other hand may choose your products over competitors’ because they value the exclusive features protected by your patents.

A strong patent portfolio can enhance your company’s market value, suppliers and customers may find this appealing since it demonstrates your commitment to innovation and a strong market position. Customers and suppliers want to minimise risk in their business relationships, so when you have patented inventions, the establishment of your own IP portfolio signifies stability and makes it easier for others to engage in business with you.

By showing cadence and consistency in innovation, patents demonstrate the long-term sustainability of your business. They protect your investments in research and development, encouraging continued innovation. Companies with a consistent innovation track record are often the top choice for both customers and suppliers.

It's vital to remember that innovation is more than just ideas; it's about tangible results. Patenting your inventions not only safeguards your intellectual property but also bolsters your reputation, bargaining power, and competitive edge.