Why are Patents the Key to Innovation?

 Image from biomassmagazine.com

Image from biomassmagazine.com

Imagine if patents didn't exist. What would the world be like? Would people still invent, or would they give up out of fear of others copying each of their inventions? Check out this excerpt from an article titled "A World Without Patents" that perfectly encompasses what would happen if protection of inventions was not available.

"Without patents and the competitive protections they afford, individuals and companies will not invest the money it takes to develop new cures for disease or create new technological wonders. That’s because they know others will simply copy their inventions with impunity and then sell them at a much lower cost, since it didn’t cost them a dime to develop these in the first place. This is a terrific way to drive the innovators out of any industry."

Continue reading the linked article to find out many of the different patents that affect our lives everyday. Some of these patents include anti-lock brakes and GPS navigation. Can you imagine life without these inventions?