Patent Strategy: Open vs Closed
Traditionally, companies have used a closed patent strategy designed to protect and prolong the lifecycle of existing technologies from business competitors. Patents remain a popular way of safeguarding original work, with almost 3.17 million patents filed worldwide in 2017 (World Intellectual Property Organisation Indicators 2018). This is a 5.8% increase from 2016.
The patent system benefits both the inventor and the general public. Inventors protect their inventions from imitation by disclosing information to the public, in exchange for owning a limited-time monopoly and securing a large share of the market. For the public, anyone with access to the patent data can improve upon, combine, or invent around the initial patented idea. It is extremely rare for inventors to come up with a brand new idea, so having access to a high quality and up-to-date patent database such as PatBase is essential.
Source: World Intellectual Property Review