I am sometimes asked why patents are useful, if not to manufacture and sell a patented product. There are also other good reasons to protect your inventions.
Protecting the integrity of your installed base is one such reason. For example, a patented latch can be used to prevent third parties from installing their own hardware into an existing control system, which would raise warranty and performance issues.
Making a claim on intellectual property means that competitors can’t stake the same claim, and preemptively exclude you from your own future market.
A portfolio of related patents forms a barrier to entry, leaving fewer opportunities for competitors to gain a foothold.
When large companies agree to cross-license their patented intellectual property, the value is in the depth and breadth of the joint patent portfolios, and the advantages offered by the combination. The value of individual patents only comes into play when one is particularly valuable.
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