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Abstract

This paper explores the relationship between new innovation and patent protection, and their impact on society. New innovation is a crucial driver of progress, fostering technological advancement, improving quality of life, and creating new industries and jobs. Patent protection incentivizes innovation by providing a legal means of protecting inventors' ideas and allowing them to benefit financially from their efforts. However, there are on-going debates about the impact of patent protection on access to innovation, competition, and social justice. This paper examines the various methods used to foster new innovation and obtain patent protection, including research and development, patent search and application, patent licensing, intellectual property management, crowd funding, and open innovation. By striking a balance between incentivizing innovation and promoting accessibility, competition, and social justice, we can create a better future for ourselves and future generations.