Patents may be used to prevent competitors from offering the same technology.

Patent Example

Crane Plastics
A new method for making vinyl that resists the tendency to curve as the material cools.

Patent Fact

An improvement to an existing product or process is patentable subject matter.

There are many reasons companies pursue patent protection for their invention. If others are interested in the invention, the patent may be licensed to others in exchange for royalties.

Some companies pursue patents in recognition of work performed by the company. Patents may be used to recognize the achievements of inventors and to notify the public of the company's innovations. The company may further benefit from an increased value of the company's assets.

Finally, patents may be obtained for defensive purposes. When a company is accused of patent infringement by a third party, it may turn to its own patent portfolio as proof of its own innovation or, if applicable, that the third party's patent is invalid.