5 Advantages of Giving Protection to Patents
If you have an innovative idea, it is appropriate to consider patent protection. Though the intellectual property concept has been in existent for long, the introduction of IT has made it increasingly important in the past few years. Here are 5 reasons to get patent protection if you have an innovative idea.
If your innovative idea is turned into a product or service that is used widely, it can make you millions in revenue. 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.
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. Making super profits from your creative idea is a possibility. 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. 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. 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. In case such measure are not there, no one can risk their ideas getting stolen or copied. 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.