5 Advantages of Giving Protection to Patents
If you have an innovative idea, it is appropriate to consider patent protection. The intellectual property concept has been around for ages, but its importance has increased tremendously recently due to the influx of IT. Here are 5 reasons to get patent protection if you have an innovative idea.
Your idea can make you millions, particularly if it becomes a global sensation. There is little, however, to stop someone else from stealing or copying your idea and using it to enrich himself. For instance, many inventors are usually short of cash to turn their genius ideas into products or services. As a result, they turn to investors for funds, and in the process, explain to them how their ideas work. 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. 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.
You will get protection from competitors who use outdated technology for several years. Making super profits from your creative idea is a possibility. 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.
You can now sell a patent because it is an asset, albeit an intangible one. In fact, it is an appreciating asset, meaning that its value increases over time, allowing you to get more if you sell it in the future. 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.
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. 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. 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. For instance, it will be time to bid farewell to new drugs, meaning that we may never get the cure for certain terminal illnesses.
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