One of the most important assets to own and weapon to stay relevant & competitive in market is Patent. It not only gives that edge over others but also acts like a protective shield against any foul play. Yes! You heard it right. Owner of the Patent gets same right as owning any other property. Patent Owner not only can exclude others from using it but can also gain huge economic advantage by offering to lease (license), offering to sell the patent, and file case against infringer, who tries to copy. If that sounds attractive, I recommend you read entire write up below!
Patents are reward that has been granted for technological creativity that touches lives of humanity for betterment of society as well as for continued growth of nation. Around the Globe, countries (government) supports protection of technological knowledge via Patents and other forms (Copyright, trademark ….) and empower the citizens. This is Major indicator of economic growth of country which impacts Foreign investment in country (Job creation), number of Tech hubs (entrepreneurial driven), Lifestyle of citizens (Smart city) etc.
Most famous inventors of the history ensured they protected their invention in terms of Patents, Classic example may be case of Thomas Alva Edison: Inventor of light bulb. Edison whose fame was essentially attributed to large number of lawsuits associated with incandescent light bulbs, Alexander Graham Bell’s contribution to telecommunication industry also challenged by series of lawsuits and he got lot of attention and victory against attempts to defame. This could only happen because they were smart enough to protect their invention via filing patent and well documented their practice.
With Advent of Science and Technological development, market is flooded with large number of companies competing against each other in same segment and hence litigators are on their heels with regard to establishing the novelty in innovations pertaining to consumer electronics, Airplanes, automobiles, pharmaceuticals and smart phone amongst others. Patent litigation is very hot field as we can see in everyday news. It is not just limited in patent or legal world, but Patent news is key segment in every other news portals or magazines, irrespective of type of news portal. You will find patent related news in Forbes, MIT articles, Harvard Business review, Tech related channels etc.
Significant number of patents are needed to make a functioning product, because one patent can only be granted for a single invention. And with many Single invention (solution for a problem) successful product is formed. It is proven fact that Companies like GE, Amazon, Google, Samsung, Apple etc., who invests in patents are the ones who always stay ahead and sustain their growth and competitive position. Increased awareness of patent filing has empowered every ambitious Inventor or firms to secure patent before launching their service/product. This has reshaped competitive climate in a different way. Which will discuss in separate blog, for now it is supremely encouraging to leverage Power of Patents!
