3 Reasons Why Patents Are an Essential Element of Innovation
Why it is important to safeguard your idea
Industrial revolutions usually don’t seem revolutionary as they unfold, as they tend to consist of incremental inventions that eventually add up to big changes. It’s only in hindsight that we can look at what the industry leaders have achieved and deem those achievements historic.
Case in point: we’re in the midst of the fourth industrial revolution right now. Unlike the previous ones, though, this revolution doesn’t only speed up the way we produce and deliver goods. Rather, it connects all our thoughts, voices, and images across the world in real-time, then puts all this power in devices that fit in our pockets.
If there’s a downside to the way mobile technology has changed our lives, it’s that people have started taking it for granted and lost appreciation for the invention process behind them. See, all these technological advances are still rooted in IP rights. These rights are what assures inventors that their inventions will be protected if they succeed in the marketplace.
Not convinced that patents are so important? Here are three simple things that make patents an essential part of innovation in any industry.
- Patents Safeguard Your Inventions
The main purpose of a patent is to safeguard your invention, regardless of whether it’s a product, process, or design. As long as your invention meets the criteria for utility and originality, a patent will protect it for up to 20 years and in as many countries as you want.
Think of a patent as the rights to a monopoly on your ideas and inventions. With an active monopoly, other companies and individuals won’t be able to create products that are too similar to yours in scope or design. The practice of creating a monopoly on your ideas is what experts often refer to as the gold standard in IP protection.
- Patents Help Your Business Grow
As far as iPhone sales go, it’s far from the most popular product on the international market. However, that doesn’t stop it from capturing the bulk of the market’s profits. Why is that? Simple: the people behind the iPhone brand were quick to patent everything they could.
This is a key example of a company exercising offensive control over its markets. By patenting its filings, Apple was able to control its destiny while impacting the future of its competitors. This process is best known as strategic patenting, and it’s based on both the inventing company’s product plans and the product roadmaps of key competitors.
- Patents Can Serve as a Bargaining Chip
Finally, patents can be a defensive tool as well. If you’re in a competitive industry, your patent can be a bargaining chip that you can exchange if your business becomes the target of somebody else’s patent.
See, the point of patents is to completely exclude others from making use of your inventions. That’s why simply paying money to a patent owner may not be enough to enable you to keep using it. In this case, the threat of a counterclaim and the potential exchange of patent rights may be the only way for aggressive competitors to coexist.