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Success in Innovation by Jan Verloop

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7

Internal Factors

7.1 Patents

For many innovators, a patent will be welcomed as an important tangible asset and an essential part of the monetization process of the invention. There are three ways for creating value with a patent:

1. Creating a degree of exclusivity for the product to defend higher margins.

2. Supporting licensing activities.

3. Facilitating raising money by making the IP a company asset.

The first point is often considered to represent the intrinsic purpose of a patent, but for a start-up company, the last point is usually the most important one.

A patent is granted for new and inventive technical solutions (products, machines, processes) and the purpose of a patent is to create a defense mechanism for safeguarding the potential ...

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