How do Patents Help Innovation and Why do we need Patents?

Watson IP Group

Watson IP Group

Incentives for Innovators to Share their Patent Ideas

Patents grant time limited monopolies in exchange for an inventor providing the details of the invention to the public. The inventor is given an incentive (the monopoly) in exchange for sharing innovation.

Such public providing of the details of an invention spearheads further innovation by others that can learn from the invention. Furthermore, the patent encourages investment into research and development, as the results of the research and development can be monetized through the time limited monopoly. Furthermore, due to the time limited monopoly, patent owners are encouraged to keep innovating, and, also vested in the success of monetizing the invention.

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