Technology has been evolving faster each day as new products, software, and platforms are developed and launched on the market. A lot of information technology service providers are invested in the next generation technologies. To do this, they use some platforms like social media and cloud platforms that are also evolving on a daily basis.
The problem that innovators and developers have faced is how to protect their work while it is in its developmental phase so that it does not become obsolete when it is finally launched. Patents help but for emerging IT innovators, patenting work can be a struggle as big technology companies already hold so many patents for products and services that have yet to come to fruition.
Implications of patents
The development of information technology goods and services follows the same cycle. Like all other new inventions, it starts with an idea, a hypothesis and then moves to the testing of the hypothesis in laboratory settings. Once something goes to a testing stage a lot of hype is created around it, especially in the IT world where big corporates are always looking for the next best thing.
Most innovators, service providers, and technology investors focus on this part of the cycle because its suggests that there is some viability to the idea. Moreover, they expect to secure the rights to that idea at its development stage; they will be able to cash in on it before competitors come up with something similar or better.
The sad truth is there are too many patents and most of them never make it to market. If a company or innovator succeeds in getting to the next phase – creating an actual product and testing it out, he might unwittingly be inviting imitators. One would hope intellectual property laws could help deter shameless imitators but sometimes the technologies overlap and the question of who came with the idea first.
The law and the implications of patents on emerging technologies adoption have caused uncertainty. There is a nobler an easier way that innovators and various IT players can use to make sure that the industry retains its integrity and no one “steals” someone’s idea for profit. For instance, there could be some structure for the collective IT sector stakeholders to engage with one another in new ventures.
Stakeholders can agree to trade licenses for patents so that product development can continue thereby reducing bottlenecks that are created by things like lack of funds or access to other technologies. This would stop patents from being stumbling blocks, and the synergy will pave a way for greater innovation and development than we are currently seeing.