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. 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. 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. 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You will get protection from competitors who use outdated technology for several years. 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.
The fact that a patent is an asset means that you can sell it for cash. It is interesting to note that patents are assets whose value appreciates with the passage of time. So, you can sell your patented idea for outright cash or wait some years to gather more from it. 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. 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. 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. Note that very few people if any can release their creative ideas if such protection measures are absent. The absence of innovation will create a state of stagnation for mankind. Such is a dangerous situation since drugs that are meant to cure terminal illnesses will never come to be.
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