Patents have multiple benefits for patent owners, and for society at large.
Financial and creative protections
The United States Patent and Trademark Office discusses the trend of higher income and more lifetime earnings for individuals with patents. In short, having a patent can directly translate increased profits for a patent-protected product or service.
First, a patent can improve profit margins by being used to prevent others from copying and selling a product without the inventor’s permission. Further, if the inventor does permit others to sell a product that includes the patented invention, royalties are typically paid to the patent owner.
Second, having one or more patents provides marketing benefits, by showing the inventor or business is innovative.
Positive societal impacts
Patents also have a positive impact on society as a whole, by encouraging technological process. Patents usually are used to protect advancements in already-existing processes, or new technology.
They can also strengthen ties across borders and businesses via global and international assurances.
The individuals who receive patents also tend to gain other benefit. These can include new opportunities and job promotions and a heightened level of prestige. It also helps when it comes to networking and expanding one’s contacts, which often serves as a vital point for inventors of any sort.
The individuals who receive patents also tend to gain other benefits, too. They can include new opportunities and job promotions and a heightened level of prestige. It also helps when it comes to networking and expanding one’s contacts, which often serves as a vital point for inventors of any sort.
Thus, patents have multiple benefits both for the individual who received the patent, as well as society on a whole in some cases. These are a few reasons why it is crucial to have one.
