5 Benefits of Protecting Patents
Patent protection is critical if you have an innovative idea that is also practical. The intellectual property concept has been around for ages, but its importance has increased tremendously recently due to the influx of IT. Your invention, which is the product of your creative mind, needs patent protection due to the following 5 reasons.
Your idea can make you millions, particularly if it becomes a global sensation. That does not mean that someone else cannot steal or copy your idea for personal enrichment. Many investors have no cash to turn the ideas into a products and services, meaning that they cannot move forward. They then speak to investors and show them how their ideas work in the hope that they will get the requisite funding. In case such investors are deceitful, they can claim not to have funds or simply dismiss the creative ideas as unworkable then proceed to file their patent applications using the inventor’s ideas. Even if the real inventors come later on to file patents, it will be late in time.
Patents protect you from competitors who use inferior technology for a period. As a result, your idea will get you super profits. For example, the invention of a new drug by your firm means that you can generate an income from it for a considerable period before rivals start using the idea behind it.
Just like land and other tangible assets, a patent is now recognized as an asset that you can sell. What is most interesting is that it is an appreciating asset whose value increases over time. You, therefore, can opt to sell it now or wait a couple of years and reap handsomely. As a patent holder, you can also collect revenue in the form or royalties from companies that you have sold the license to. Also, a patent can enhance the value of your firm for the purposes of seeking funds because lenders will consider it when evaluating others such as machinery and land.
Since there is no other product or service like yours, you can charge whatever price since users have no alternative to opt for. That can make your company grow tremendously because of the large cash inflows that will result.
Patent protection encourages innovation because many people will be confident in putting their ideas into action. In case such measure are not there, no one can risk their ideas getting stolen or copied. The absence of innovation will create a state of stagnation for mankind. That is a serious situation because we cannot even get drugs to treat illnesses that have threatened to wipe out the entire populace.
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