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IMPORTANCE OF INVENTIONS FOR THE DEVELOPMENT AND GROWTH OF THE USA

One of the drivers of economic development is internally-generated revenues. And how is it gotten? Via persons and organizations picking up the gauntlet to facilitate the appreciation and sale of local products and inventions. Interestingly, when this is done, the economy isn’t the only part of the country that experiences growth. Education, healthcare, arts and culture, agriculture, government, and other aspects of the nation all feel the impact of an inventive idea. Thus, when inventors work, they should be encouraged and given the necessary resources to thrive because their efforts are going to eventually spread across all sectors in the United States. So, below, you will get to know more about the great impacts that inventions have on the USA’s development and growth. 

  • A Boost in Local Intellectual Properties

There is no discussion of an invention without a conversation about intellectual property. Every invention must have legal protection. Or else it would be susceptible to unnecessary exploitations by bad actors. And when this is the order of the day, the product gets easily diluted and loses its value. So, a way for you as an inventor to make some money and bring more IP into the market is by inventing. Inventions are usually protected by an aspect of IP known as a patent. And in the United States of America, this license is given by the United States Patent and Trademark Office

During your inventive and product development process, you would have incurred some costs. Thus, as you innovate and build your product from scratch, you engage in some research and development (R&D) in the process. This inventive phase requires a large amount of money input. Thus, for you to recoup, the government has put a structure in place where you have an exclusive license to your invention. This license lasts for about 20 years. So, you get to maximally profit from your invention within this period. And the more patent protection there are, the more technological advancements that see the light of the day, thereby yielding more growth in all sectors of the country. 

  • Creating Stronger Entrepreneurial Culture

It is indisputable that one of the fastest ways to grow the economy is via massive entrepreneurship. And there are even organizations such as the Kauffman Foundation which facilitate this. If you are a solo inventor in your community, the business impact in the area would be limited compared to when there are hundreds of other inventors. The healthy competition created spurs stronger engagements. And that way, the entrepreneurial culture all around is enhanced. How does this affect the development and growth of the US? Well, the answer is self-evident. 

First, a stronger entrepreneurial culture would create an atmosphere for businesses to thrive. And in turn, this yields massive benefits for the economy. How does this happen? It is pretty simple, larger amounts in taxes are paid to the government. Second, technological innovations brought about by inventors springing up would help to solve major challenges in the country bordering around healthcare, education, military service, etc. And most importantly, many people with ideas that could change the world would begin to develop it and take their innovations to market. 

  • Ease of Daily Living

Inventions are meant to enhance the daily life of their users. Thus, the quality of life of US citizens is made better with innovative products in the market. At the base of it, these inventions are geared towards security, better health, quality education, and improved lifestyle of members of society. What was running through the mind of the inventor of seat belts? Apparently, to make driving more secure. How about the inventor of the telephone? To facilitate a more seamless long-distance communication between persons in different places all over the world. 

Consequently, as the inventor observes the challenges in his immediate environment and solves them, he is making the lives of US citizens better. And that is a pointer to discernible growth and development in the country. 

  • Facilitate Investor Presence

Inventions are very important for US development and growth because they also attract investors into the country. As an inventor, you are a bridge for the government to connect with foreign investors. Many venture capitalists and angel investors are keen to put their money down into your product because you worked on it. And there are also organizations such as the Global Entrepreneurship Network, which stimulate support and aid to innovative businesses. And as a result, the country becomes a hub of investment. So, developing and taking your invention to the market equals easily piquing the interests of investors both within and outside the country. Akin to this is how the presence of remarkable technological inventions in a country has been a negotiating asset for bilateral and multilateral trade for the US government. 

In the same vein, your inventions could get to be the magnets that pull tourists to the country on visits. Historical inventions, for example, could be sights that many people are keen to see. Or your products could be such a landmark invention that many people all over the world would have to travel down to benefit from it since it is not present in their country. This is commonest in the healthcare sector. Many medical inventions to improve life care are sought by many from other nations. Especially people from developing countries. 

Conclusion

Dear inventor, do you now see how important you are to the nation? For you to fully implement the potential of your product, you should get professionals with product design and development services to check it out, especially at the concept design stage. And as you progress in your enterprise as an inventor, give wings to your invention and let it benefit many across the world today.

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