"Unless a product is new, captures the imagination of the
people and creates value, it is lacking its appeal to the public at
large." Now let us dig deep in this statement. It becomes all
the more clear that regardless of the size of the organization, big
or small, the relevance of innovation cannot be neglected.
Secondly, innovations safeguarded by patents will be having a far
reaching comparative advantage for an organization than its peers.
Understandably, patents have a far greater reach to protect the
inventions and add value in terms of revenue.
If startups are created with an intent to be ‘tech
heavy’ in its offerings, patents become all the more crucial.
Patents effectively grant the right to exclude others from
practicing a claimed invention. A well drafted patent directed to a
novel and non-obvious invention can grant a startup an effective
monopoly.
