Patents
Pros and cons
Whether to patent an invention or not is an important decision and it is vital that an inventor has considered the advantages and disadvantages of a patent before beginning the process.
Pros
- Patents ensure a technical and economic monopoly on an invention
- Patents give the exclusive right to exploit an invention commercially for up to 20 years
- Patents prevent competitors from future patenting of the same invention
- Patents ensure that an invention can be a tradable asset being the subject of negotiation, agreement and contract
- Patents provide security around one's technology or invention in relation to securing funding from investors
Cons
- Patents and the application process are relatively expensive
- It may be necessary to disclose manufacturing secrets in a patent application
- Patenting an invention may prevent later patenting by oneself