5 Advantages of Giving Protection to Patents
The presence of an innovative idea makes it necessary to get patent protection as soon as possible. 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.
If your innovative idea is turned into a product or service that is used widely, it can make you millions in revenue. There is little, however, to stop someone else from stealing or copying your idea and using it to enrich himself. 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. If the investors are dishonest, they can simply dismiss the ideas as unworkable or state that they have no cash, and proceed to file their own patent application. If the inventors later file patents; it will be futile since some other parties have already beaten them to the task.
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. 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.
You can now sell a patent because it is an asset, albeit an intangible one. It is interesting to note that patents are assets whose value appreciates with the passage of time. There is the option of selling it immediately or waiting for it to fetch a substantial amount later on. You can also collect royalties from the patents you have licensed, which can generate a substantial amount, especially if you have multiple trading parties in the deal. 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.
The absence of other products or services that are similar to what you have to offer means that you can charge higher than normal prices. 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. Note that very few people if any can release their creative ideas if such protection measures are absent. Without innovation, mankind cannot take any step further. Such is a dangerous situation since drugs that are meant to cure terminal illnesses will never come to be.
Source: randy heiligman inventor