Benefits of Patents
When investors have been allowed to make use of as well as exploit their inventions for a certain period of time by the law or government that describes a patent. It protects new inventions and covers how they work, what they do and how they do it, how they are made and of what materials. The owner in this case is given a right to prevent other people from making, using, selling or importing the invention without any permission. In return, the applicant has to reveal the complete details of this patented invention. Patents vary from one state to another and the benefits are outlined below:-
1. Boost to small enterprises
Depending on several patents, some are seen to be the foundation upon which small companies are established. Because starting a company can be quite a task especially if you do not have money, convincing your investors that that your market is unique and will not be entered into by many entrants immediately will enable them to trust you with their millions. Patents provide you with a limited time to monopolize an idea.
2. Research and Development
It is risky to spend lots of money on new technology especially if it is easy to copy and expensive to develop. However, with patents, an inventor can create safe zones within which he can make such investments thereby boosting research and development laws the same way corporate bankruptcy works by creating laws which offer a safe ground for entrepreneurship.
3. Protection
It is obvious, once you are issued with a patent; the invention belongs to you but for a limited time. This means that you can always take up legal action whenever there is any unlicensed manufacture, importation, use or sale of your invention. This is what the owners use to develop their businesses while preventing others from using a similar invention to compete directly with them.
However applying for a patent is a lengthy process which is time consuming and if it is an invention to do with technology, you might be overtaken by events.
