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Patent benefits start small, and reach the global good

On Behalf of | Oct 30, 2020 | Patent Law

The protections found under patents are not just for short-term profits. The system in place has a long reach regarding positives, for one person with a grand idea – or an entire nation backing groundbreaking discoveries.

Inventors with patents generally have higher incomes with more lifetime earnings, a trend that exists regardless of occupation or nationality. But a bigger paycheck is only the start of the advantages. From individuals to society as a whole, the patent system can provide an array of benefits.

Measuring rewards

Patents drive innovation. When a patent holder has protections for making, selling and licensing their ideas, they have the security and incentive to continue creating. The same holds true for one person, large companies and even government agencies. While many will measure the results in numbers, there may be plenty of other perks at play.

Single strengths

Understanding the gains that go along with patents begins at the individual level. Without adding sales and licensing, there are proven pluses to creating a robust stable of processes and products:

  • Heightened prestige
  • Job promotions or new opportunities
  • Increased professional networks

These sometimes-intangible benefits can reinforce one’s footing in their chosen field. But the implications generally don’t end there. Innovations, even those that begin on a smaller scale, can turn to development for a much larger audience.

Societal success

On a broader scale, patents can affect society as a whole:

  • New technologies: While people can benefit directly from new products coming to market, other opportunities also manifest. Increased employment and commercial growth can help regions that may otherwise suffer.
  • Advancing process: Patented innovation will incentivize more research. Investments in research can bolster areas that may fall by the wayside without motivation. Instead, knowledge can push on under the protection that patents provide.
  • Strengthen ties: Cooperation across businesses and borders becomes more feasible with licensing and coordination. Governments, corporations and individuals can build and maintain support throughout the globe with international assurances.

The patent system is in place to foster growth. The ever-expanding achievements of those in the patent community contribute to progress for themselves while helping on a grander scale than they may even realize.