By Paulo Ribeiro, co-founder and CTO of Reckon.ai
LISBON, Portugal, Oct. 18, 2022 /PRNewswire/ -- A patent can be the most valuable tool to safeguard a proprietary technology. A startup may refrain from pitching to investors for fear that they'll be copied when they are not covered by a patent.
This is an exclusive right granted by a country allowing an inventor to exclude others from making, replicating, copying, using, or selling said invention during the term of a patent, even if it's still pending. And why is this so important for startups? Because it gives legal protection.
In tech, we understand that the best way to deliver unique and frictionless experiences is by harnessing the power of technology (its speed, scale, and routine). This is the thinking behind Reckon.ai, a fast-growing software startup that helps retailers and other business areas to provide their customers checkout-free, 'grab and go' shopping experiences.
For a company to be at this stage, it has involved a lot of R&D effort, development costs, and a dedicated team to increase the power of the solution and lower operating costs.
This status needs to be protected. The benefits are many: exclusive right to the owner - for a period of time only the company that holds the patent can manufacture, distribute and use its invention. This would eliminate or diminish competition; potential financial return where the patent holder can profit from its commercialisation and exploitation - a compensation for the effort and costs involved; and increase in returns and sales as competitors are prevented from offering a similar product - increasing the value of this technology in the market and attracting more external investment, while also fulfilling the company's mission. In addition, patents also allow expansion to other countries which brings commercial value when accessing new markets, useful for startups and companies in an expansion phase.
When you read "Patent Pending" on a product, it means that the inventor has submitted a patent, and feels confident enough to announce themselves as the owner of this idea, sending a message to their peers that they have already tested and are implementing a unique and proven technology.
The startup has proprietary technology with a patent pending to innovate customer service and change the retail sector.
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