Benjamin Franklin, one of the Founding Fathers of the United States, was a prolific inventor. He conducted one of history's most famous scientific experiments by flying a kite during a thunderstorm. With a metal wire attached to the kite, he demonstrated the connection between lightning and electricity, paving the way for his invention of the lightning rod, which has protected countless buildings from fires and structural damage.
Remarkably, Franklin never patented this invention—or any of his others.
He believed inventions should be shared freely for the benefit of humanity, famously writing:
"As we enjoy great advantages from the inventions of others, we should be glad of an opportunity to serve others by any invention of ours; and this we should do freely and generously."
It's an admirable philosophy. But would it work in today's commercial world?
Why Patents Matter More Than Ever
While Franklin's generosity is inspiring, modern innovation depends on significant investment.
Developing a new product often requires years of research, testing and refinement. Businesses invest thousands—or even millions—of pounds into research and development (R&D), with no guarantee of success.
Without the ability to protect that investment, many innovations simply wouldn't happen.
Imagine a pharmaceutical company spending hundreds of millions of pounds developing a life-saving medicine. If competitors could immediately copy and sell the same product without incurring those development costs, there would be little incentive to invest in discovering the next breakthrough.
This principle applies equally to start-ups, SMEs and multinational companies.
The reality is that businesses invest in innovation because they expect to recover their costs and earn a return.
How Patents Promote Innovation
Contrary to the common misconception that patents restrict innovation, they actually encourage it.
A patent gives an inventor the exclusive right to exploit their invention for a limited period. This temporary exclusivity allows innovators to:
- Recover research and development costs
- Generate profits from their innovation
- Attract investors and secure funding
- Gain a competitive advantage
- Reinvest profits into future innovation
Rather than preventing progress, patents create an environment where businesses can confidently invest in developing new technologies, products and processes.
Without patent protection, many organisations would simply reduce investment in R&D because the commercial risk would be too great.
Patents Can Also Reduce Corporation Tax
For UK businesses, patents offer another significant commercial advantage.
Under the UK's Patent Box scheme, qualifying companies can apply a reduced rate of Corporation Tax to profits earned from patented inventions.
For many businesses, the tax savings can substantially outweigh the cost of obtaining patent protection, making patents not only a legal safeguard but also a valuable financial asset.
Protecting Innovation Is Good Business
Benjamin Franklin's ideals reflected a very different era.
Today's businesses face intense global competition, rising development costs and increasing pressure to innovate.
If you're investing thousands of pounds in developing a new product, you'll almost certainly want more than the satisfaction of helping others. You'll want to protect your investment, build a competitive advantage and generate a return that enables future growth.
That is precisely what patents are designed to achieve.
The Bottom Line
Patents do far more than protect inventions—they promote innovation.
By giving inventors the confidence to invest in research and development, patents help drive technological progress, economic growth and long-term business success.
For many innovative businesses, intellectual property isn't just a legal consideration—it's one of the most valuable commercial assets they own.
Can we help?
If you're developing a new product or technology, speaking to a patent attorney early can help you identify what is protectable, avoid costly mistakes and maximise the commercial value of your innovation.
For your free consultation, please visit our website at https://strachanip.co.uk/contact/
or click the link below to schedule a mutually convenient time to talk:
https://calendly.com/strachan-ip-a-fresh-view-of-intellectual-property/30min
Or you could give us a call on 07714 797135 or email us at vicki.strachan@strachanip.co.uk