5 Benefits of Protecting Patents
Patent protection is critical if you have an innovative idea that is also practical. For a long time now, the intellectual property concept has been existent but gained considerable importance due to the information technology revolution. Your invention, which is the product of your creative mind, needs patent protection due to the following 5 reasons.
A new invention has the potential to generate endless amounts of cash, especially if its use goes global. That does not mean that someone else cannot steal or copy your idea for personal enrichment. For instance, many inventors are usually short of cash to turn their genius ideas into products or services. They then speak to investors and show them how their ideas work in the hope that they will get the requisite funding. The investors can proceed to file patent applications using the idea forwarded because they will simply tell the inventors that their ideas are not practical or claim that they have no funds. Even if the real inventors come later on to file patents, it will be late in time.
You will get protection from competitors who use outdated technology for several years. That allows you to make super profits from your idea. An example is where your company introduces a pharmaceutical product that will be the main source of revenue before rivals are allowed to use the idea behind it to produce copycats.
Just like land and other tangible assets, a patent is now recognized as an asset that you can sell. It is interesting to note that patents are assets whose value appreciates with the passage of time. You, therefore, can opt to sell it now or wait a couple of years and reap handsomely. License holders can even collect royalties from the companies they have sold the licenses to and make huge sums, especially if the latter are numerous. 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.
Being the originator of an idea that produces a unique service or product allows you to charge higher than normal prices. That can make your company grow tremendously because of the large cash inflows that will result.
The presence of patent protection measures encourages innovation since people are now comfortable bringing out their creative ideas into the open. Note that very few people if any can release their creative ideas if such protection measures are absent. Such a situation is dangerous because mankind will not experience innovation in any field. 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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