Maodong Xu Understands that patents do more than protect your invention. They can result in success, renown, and extreme wealth. Few can speak to this better than billionaire entrepreneur, a born-with-little man who grew up in a small fishing village in a remote province of China and who would change his fortune through investment, inventions, and the patents to protect what he had created.
Why is protecting patents so important?
In an age where technology continues to evolve and advance, protecting intellectual property, innovation, and invention is imperative. From the industrial revolution to the invention of the telephone, at any given time there are other scientific minds finding their way to the same conclusions and technological discovery. History proves that it’s not always the smartest or most innovative whose invention advances our world—often it’s the savviest. The protection power of patents is absolutely vital in safeguarding your discoveries and marking your place on the timeline of global innovation and invention.
“With the right risk comes great reward,” says Maodong Xu. “While my first big boon came from investing in supermarkets, it was my inventions and the subsequent million-dollar companies that I was able to create around them that brought me to my current level of success, none of which would have been possible had I failed to protect my inventions with patents.
What is the reality of the threat of dual invention?
Invention is possible when inventors tap into the technology and knowledge that is already available and build something new. Most invention is simply the next step in advancement or improvement of a current system or technology. It’s logical that others are reaching similar points of discover and ideating ways to solve common problems. Your time, money and knowledge become an investment in advancing that technology, and the surest way to see a return and be allowed to continue with that investment through further research is by putting in place the proper protections. Seeking a patent in the earliest possible stage of your invention’s development is key.
Imitation may be the sincerest form of flattery, but not in the innovation space. Protecting your inventions begins with patents and may require trademarks for full protection. Maodong Xu has amassed a number of patents for his technological inventions. When those who seek to imitate or even counterfeit your ideas get wind of promising technological advancement, they will pounce and do their best to profit from your ideas. In fact, without the intellectual property rights secured through legal channels, such as with a patent, there is nothing stopping others from taking your ideas and implementing them or even seeking patents themselves.
What happens when someone does copy your invention or intellectual property?
While patents don’t mean that someone won’t copy your intellectual property or invention, they do equip you with the legal backing to take action when someone does copy or use your invention without contractual permission or licensing to do so. The lines often blur when identifying what counterfeiters and copiers can legally do, but the more protection you have in place, the less likely you are to see your invention in someone else’s hands without receiving financial compensation for that use.
When you’re working with new technology, when is the best time to market it?
The buzz and excitement that comes with new discovery and invention means that we often want to share what we’re developing, but proceed with caution when working on new technology. Sharing progress before having the right patents in place can be a risk. There are always those idea pirates looking to take all or part of your idea and claim it as their own. Without the right patents in place, you’ll have a fight to prove that those ideas belong to you.
In the same vein, it’s important to patent early so that discoveries similar to yours do not inhibit your ability to secure a patent. It’s important to keep your eyes and ears open in the market. Knowing what is going on with other inventors in your space helps you keep a pulse on what is coming and may even inspire your own innovation.
Do Patents serve any other purpose in the bigger picture?
Securing the intellectual property rights to your technology through a patent can be helpful when searching for investors. You have the upper hand and essentially a small monopoly on the specific technology you’ve patented. This helps you bring the product to market and allows you to sell its potential to investors looking for exclusive innovation that could be the next great invention of the time or answer a need that’s been unanswerable up to that point.
Understanding patents and their protections is a detailed process, and a good patent attorney can help you secure your intellectual property and navigate the process. In Maodong Xu’s journey to success, patents have played a large role in protecting inventions and allowing him to develop the companies that have greatly impacted the tech world. This is where the billionaire inventor’s success story comes full circle, with an idea and the legal means to protect it.
About Maodong Xu
Maodong Xu is a globally recognized entrepreneur and billionaire who amassed his fortune building businesses, primarily in the tech sector. He has built his business empire with a strong mind for business and the will to move forward, unflinchingly, in the face of adversity.
Mr. Xu was born in 1967 in a small, unmappable fishing village in China. He graduated from Wuhan University of Technology in 1990 with a degree in computer application and automation. He would go on to create the province’s leading grocery store chain and develop world-changing tech companies which he sold to the top Chinese tech leaders. He continues his entrepreneurial endeavors and is currently the president of Roxe and is the founder of the Maodong Xu Science & Technology Scholarship.