The reason why a newly invented innovation should have patent protection is to protect your brand new personal invented product, against others who can copy and create the same innovation. This means they can take your product to the market and make it theirs without your consent. Keeping it hidden would also not last for long, especially if your products know-how gets recognized.
By having patent protection on your invention, protects others from replicating, trading, introducing and making profits from your own invented idea. If you do have patent protection and your product gets duplicated, you will then have the full right to take legal action against the other party as was elaborated in the post from https://sites.duke.edu/perspective/2018/11/12/bringing-ideas-to-the-world-with-inventhelp/.
By having patent on your product you will have:
- Selling rights of your product with the IP rights.
- Keep the IP right even when your product is licensed to another party.
- Talk to others towards opening a business base on your product.
- After 18 months your product will become open to the public.
The other perk of patent systems towards countries is that it inspires citizens towards creating new inventions and technologies. The inventor and technical community will also benefit from this system in that the government will consent sole rights on the invention, effectively creating a market monopoly on the invention.
The monopoly protection will offer in part a financial incentive for investors to invest in the new venture, process or product. This can act as crucial leverage in procuring finance for any project. What is more, patent rights effectively act as a barrier for any copycat competitors who would like to enter the game late and benefit from others’ hard work and perseverance for as long as the patents are alive.
It is possible to secure patents in almost any country. The amount of countries where people apply for patent rights is compared between the actual cost of registering the patent in one country and the cost of registering it in another country. You can find out more about it on https://www.linkedin.com/company/inventhelp.