The justification for patenting is multifarious. To begin with, patents incentivize innovation. By granting inventors exclusive legal rights, patents motivate individuals and companies to invest heavily in research and development. By securing that knowledge through patenting they can recoup their investments.

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Furthermore, patents fuel knowledge sharing. The required public disclosure ensures that others can learn from the inventive process, driving further innovations before and after the patent expires. Then again, they provide opportunities for value creation in the marketplace, which inventors and enterprises can leverage to commercialize and monetize the invention.

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Patents also help generate investor interest, create brand equity and establish unique market presence. And finally, patents promote economic growth. They help shape new industries, support business growth, and stimulate job creation by preventing unauthorized competition.

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Gains for Inventor(s)

The grant of patents helps innovators, entrepreneurs and businesses in multiple ways, which include:

1. Creating exclusive rights: Patents offer a limited monopoly, allowing inventors, scientists, researchers and companies to control the commercial use of their inventions, leading to potential financial returns through product sales, licensing agreements and royalty payments.
2. Building Brand Image: The invented utilitarian value of patents enables enterprises to differentiate products; deliver unique value propositions; and, enhance brand reputation. This often leads to premium pricing, sales growth, higher profits and additional revenue streams for businesses.
3. Establishing competitive advantage: Patents create artificial entry barriers for competitors based on the novelty and originality of the inventions. They can help enterprises secure market positions and carve out new market niches and segments.
4. Attracting investment: Having patented technologies or products can make startups and businesses more attractive to investors who value such proprietary assets.

Societal Benefits

Further, society, and the world at large too, gain from patents in the following ways:

1. Promoting Economic & Technical Progress: Early disclosure of inventions accelerates technological advances; it also leads to increased economic activity.
2. Fostering Competition: Patents encourage others to invent "around" protected inventions, leading to rapid innovation, functional improvements and availability of diverse products and services in the market.
3. Benefiting Customers: Users gain too from new value propositions and added functional, aesthetic and economic advantages that the patented products and services convey.
4. Serving Public Good: Upon the expiry of the patent validity period, every such patented invention enters the public domain, allowing anyone to use, copy, make, sell or replicate it without infringing any rights of the owner(s) or inventor(s).

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At BLAZE VENTURES, we have elaborate processes and qualified professionals for assisting innovators and enterprises not only create sustainable patent rights over their ideas, innovations and inventions, but also enforce and monetise such patent rights.