Reasons Why Green Technology Patents Are Important 2022: Secure Your Innovation And Financial Future

As renewable energies and decreasing our dependence on fossil fuels is an ever-growing concern, inventors patent their ideas to secure a financial future of development.

As the saying goes, “give credit where credit is due”, these patents make sure that the original inventor can be credited in some manner. Most of the time, a patent is leased or purchased out-right from an inventor giving the new owner all rights to it. Why is this so important when developing energy efficient products and technologies?

1. Infringement

If someone develops a specific device that is later used to make something else, there could be cause for a lawsuit. Most of the time, companies will lease their patents to other developers in order for a product to be successful and profitable for both companies.

2. Innovation

Being innovative doesn’t mean that you have to develop something from scratch. This could mean that you have discovered a use that has never been produced before.

However, this could become a slippery slope if the patent you are altering is owned by a company who doesn’t like the idea of someone improving a design. Even simple changes could land your company in court.

3. Lost Profits

We see it on a regular basis in the computer world. Companies will sue each other for lost income due to a superior product being purchased using a patent owned by someone else.

While some of these lawsuits have been borderline frivolous, real lawsuits entitle monies that companies need to survive.

4. Reputation

If a product is created using a third-party patent and claimed to be new, that product can be detrimental to the original designer of the product.

Claims of this nature could put one company on a pedestal in the public eye, while burying the actual inventor who may become forgotten in time.

5. Teamwork

By companies patenting their inventions, other companies have a chance to develop something in tandem for the benefit of both. This is completely dependent on whether the two companies can work together for a common goal.

Unfortunately, many business owners will want so much of a percentage that others do not want to be involved with them. This could hurt advancements by depriving the consumer with something that may have been the next big technology.

6. Clarity

Patents need to be clear as to the actual design. Too many are slipping through the cracks and companies are launching lawsuits because the patent descriptions are vague.

This is another method of preventing innovation through strong-arm politics. Be clear as to the actual design and purpose of your green technology to prevent repeats of historical lawsuits.

Holding a patent on a method of clean energy could be akin to holding stock in IBM when they first started. As technologies advance, these methods could be worth a great deal of money to those inventing a product that compliments or uses that patented method.

While green technologies are in the best interests of all human-kind, bills still need to be paid and food put into our stomachs.

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