How do patents help innovation?
A patent is one of the most significant business tools which allow the inventors to gather individuality over the newly invented product or process, build a top position in the market, and get further income through the patent license.
Any invention which was invented to find a solution and to help mankind must be recognized and rewarded. Patent acknowledges and honors the inventor's for their successful inventions. Patent promotes your invention and economic growth as well as the most powerful tool designed for dissemination and technology transfer.
The invention is important for the development and deployment of technologies. The most commonly used prototype recognizes the technology is created from the life cycle of the technology.
The lifecycle of technology has been classified into 5 stages
• Research and Development
• Market Development
• Commercial distribution
Why should you protect your invention?
The successful inventions from the past tell us how essential is to protect an invention at the correct time. According to patent law, the one who files the patent first gets the authority, so the efforts don’t become useless and it's better to go with a patent search as soon as possible.
Another essential reason to protect your invention is to protect your vision from the imitators. When there is a big impact or your dream seems to promise, the imitator’s plans to make revenue with your Idea cannot be violated unless you file a patent.