When I first looked into the topic of patents and trademarks, I did not think anything of it. It just protects the person from having his/her idea and/or name stolen. But after seeing what was in the news, I realized that patents and trademarks can become much more than just a way to protect.
If you remember back in the day, BT filed a Sargent patent aka a hyperlink patent that would have forced every Internet Provider, business and person to pay to use the hyperlink. Unfortunately, the patent was found to not apply to the hyperlinks used on the Internet.
What if the patent did apply? BT would have been set for life since hyperlinks is something that we must use.
Victoria’s Secret is getting sued for violating a patent.
Apple guilty of patent infringement
ReQuest owns patent
I often question if I should patent an idea and hide it. There are millions if not more patents in the database, and it will be difficult for anyone to find out if a patent already exists since there are probably many similar, but not identical patents in the database.
The reason for patenting an idea and hiding it is that someone else may have the exact same idea and decide to make an invention without looking over the patents. If that idea succeeds, and more people copy the idea, I could come out and sue. If I win the case, I am set for life.
Trademarks can also be a source of income for life. Imagine making a name and/or a slogan that is trendy, cool, and/or something that may be highly desirable. A company may make you an offer to use and/or buy it from you. If you play your card right, you could make a fortune.
Therefore, I question if buying a lottery ticket is really a good retirement plan. For ordinary people like me, it is the only way. For the great thinkers, patents and trademarks are the way to go. You may spend a few thousand to get the patent or trademark registered, but it is an investment. Just like stocks, it may flourish or die, but if you think of something good, it may be your ticket to financial freedom.
Maybe I should start thinking of things to patent. I want to become a great thinker. I want to be … set for life.