Strong Patent Portfolio in the IoT Generation – Important or not?

We all already know that intellectual property plays a very significant role in the protection of innovations, art and inventions. Thus, in the present epoch of digitalization where every day we talk about the significance of inventing newer technologies, being able to protect the same in an effective manner should be given utmost importance. This is especially of great importance to most startups that are struggling to be known in this technological period called the Internet of Things (IoT) era. Many a times the survival of these startups depend on the success of their basic technologies which can always be undercut by larger competitors. Thus, we must be able to protect our invention by the way of creating a strong patent portfolio. In the course of time, IoT is going to benefit the world and open various amounts of opportunities to several consumers and businesses by helping us connect billions of devices though a mutual platform. This will, as a result, lead to the rising of several issues related to intellectual property and further will lead to years of courtroom battles and high penalties. This paper, in the given background, would gage the importance of protecting one’s technology and invention. It will further highlight ways to deal with the issues related to patent violations and furthermore examine the crucial point of patent protection in the (Iot) generation.