5 Advantages of Giving Protection to 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. You need to protect your invention due to the 5 reasons highlighted below.
Your idea can make you millions, particularly if it becomes a global sensation. Any person can, however, copy or steal the idea and market it as his. For instance, many inventors are usually short of cash to turn their genius ideas into products or services. Such individuals turn to investors and explain how their ideas work in the hope of convincing them to fund their ideas. 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. Inventors who later proceed to file patents will be late in time, meaning that their ideas will be considered to belong to the parties who made the earliest applications.
Applying for a patent ensure that you get protected from competitors who use technology that is not as superior as that what you have invented. As a result, your idea will get you super profits. If your company is into pharmaceuticals, for instance, it will make huge profits from a drug invention before its rivals get to use the secret formula to make a similar product.
You can now sell a patent because it is an asset, albeit an intangible one. 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. For loan and other purposes like selling a business, patents are assets, meaning that they increase the value of a firm.
Since there is no other product or service like yours, you can charge whatever price since users have no alternative to opt for. It is possible to turn the tides of your company in such instances because of the significant sales revenue that will ensue.
The presence of patent protection measures encourages innovation since people are now comfortable bringing out their creative ideas into the open. Without an effective system of protecting persons who have creative ideas, people will be reluctant to make their innovations public. Such a situation is dangerous because mankind will not experience innovation in any field. Such is a dangerous situation since drugs that are meant to cure terminal illnesses will never come to be.
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