Importance of Patents for Technology Companies Importance of Patents Historically, patents have added immense value to technology based products, thereby increasing revenues and creating healthy competition in the industry. For example, a new product may be launched with a first-to-market advantage, which can easily be replicated and knocked off the shelves by the competitors. Therefore, without appropriate patent protection, the revenue of original product owner may reduce. On the contrary, by drafting and filing strong patent applications, the original product owner can stop third parties from infringing upon its patents and further exploit licensing revenues from a strong patent portfolio. Patent Strategy - https://patentbusinesslawyer.com/2017/07/26/patent-strategy-for-inventions-insights-by-patent-attorney/ Innovative intellectual property comprising strong and enforceable patents with well drafted patent claims can be created in a cost-effective manner by engaging with an experienced patent attorney and technology business lawyer. A strongly formulated patent strategy acts as an invaluable asset during technology and product development, as has been proven time and again by innovative companies worldwide.