Any innovation with products requires a consideration of P² at a certain time. P² is obviously the wonderful words Patent Pending!!
These two words can have meaningful power when used as a business tool and also to protect your innovation. The presence of Patent Pending on your product will cause competitors to carefully consider competing against your new product since a competitor now has to be mindful of infringing your patent rights. If these two words are not present, a competitor can then obviously compete with a similar product without fear of infringing your rights.
The Power of P² is at a minimum an initial barrier for competitors since legitimate businesses will not want to be involved in costly legal proceedings. Any advantage that can be gained by slowing down competitors from directly competing against your new product is an advantage that should be taken if applicable. Any patent rights also increases the value in your company since the monopoly created through a patent is strictly attributable to your company. I will be providing further tips on the use of P² in future blogs such as the perfect timing for filing for patent protection.