Why Patents Are Necessary For A Person Or Company 's Unique Idea Or Product?

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Question 1: Personally, I believe patents are necessary to protect a person or company’s unique idea or product. Although some believe patents bring more problems regarding lawsuits and litigation, I feel patent laws should remain in tact and as they are currently defined by the government. . Patents, like any other facet in life, have both positive and negative aspects. Here, we will we expand on some of the current (both positive and negative) aspects of patents, as I believe the positives will greatly outweigh the negatives. Intellectual properties are a necessity in the world of entrepreneurs. Although more than 25 percent of small businesses do not want to expand, a new entrepreneur in the market would likely consider a patent to…show more content…
Personally, I feel this is a smarter option as economic standings is a country could affect the expected royalty payments. Another positive aspect of patent products is the ability to market and bring credibility to your product. For example, if a consumer has the choice between two almost identical products, however one product is ‘patent’. This patent product is no better or more advanced than the opposing product, but seems more desirable in the eyes of a store/company that will potentially be buying the product. Not only does this give the product more credibility, but also serves as a better way to market oneself. Future employers may view this patented product as impressive, and therefore give you an edge over competition. As stated above, there are several positive aspects that stem from patents as they currently stand. Patents open a wide variety of opportunities, however, cost and liability are two large factors that can be considered as a drawback. Obtaining a patent can be quite costly, although rewarding in the long run, as patents serve as a form of protection for numerous years. Should one want to purchase a patent, he or she will have to weigh their options to see if the price is worthwhile long-term. Payments are generally paid every few years, while smaller entities pay a much smaller fee than the larger entities. Should the patent owner miss a payment, this may cause the patent to be null and void. Another concern of
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