Introduction:
Patented inventions have played a major part in the development of humanity. Thomas Edison had patents for the significantly refined sewing machine, which made sewing much easier and faster.
The ability to support high-level innovation is central to the economic growth and success of both countries and the companies in them. The ability to convert these high-level innovations into products and services for human use will be even more crucial to these countries and companies.
In the same vein, innovation and patent creation goes hand in hand with licensing which reduces the threat of counterfeiting and encourages firms to expand their trade volumes.
