In a highly competitive world, individuals, entrepreneurs, and businesses benefit from innovation. The competition also means that innovations require protection, such as patents.

Patents give inventors the right to their creation and exclude others from copying it during a specific time. Several reasons to protect patented product or idea exists, such as ownership. For some, ownership leads to profits. A product that arrives first to market tends to garner the most attention, profits, and returns. For others, it derives brand recognition. For example, creative individuals benefit from protecting their work with patents since it prevents others from copying it. Then, creatives might find inspiration to continue creating.

In business, patents provide a competitive advantage. Sometimes, companies need a head start over their competitors. In addition, patents can attract new investors, clients, or market share. Organizations that plan to merge with another business or agree to a buyout can leverage their patents to obtain a higher valuation or selling price.