In my last column I discussed the value of seeking patent protection for innovations, such as new products or product improvements, and noted that the ability to patent an innovation provides the innovator with an incentive to invest time and money to make and market the innovation. The basic idea is that, once the patent is obtained, the innovator can leverage the patent to recoup the investment. For instance, the innovator may be able to generate a revenue stream though a patent license agreement or the innovator can use the patent to convince competitors to refrain from entering the market.
For more about this article see link below.
https://ieeexplore.ieee.org/document/10723196
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