There are certain benefits to patenting an invention, such as sidelining competitors because you get a (temporary) monopoly in your market. However there are also situations in which patenting your product may not be the best choice.
A patent is a means to an end and not an end in itself. If a patent contributes to the realisation of your business strategy, then go for it.
However, if one of the following situations applies in your case, you should perhaps think twice.
1. You can't or won't enforce it
If you have a patent you will need to enforce it yourself. Unfortunately, there is no such thing as a patent police. If you fail to do this, it will be like investing in a magnificent racing horse and then leaving the gate to the paddock wide open, although horse thieves are more active in some markets than others.
In the pharmaceutical industry, for instance, where the stakes are high and huge amounts of money are involved, you're wide open if you don't enforce. Your head start is worth its weight in gold. The question is not if your competitors will infringe, but when. You will therefore need to be prepared to act.
2. Alternatives are available
Suppose you have invented a new suspension system. It works well, you are pleased with it and apply for a patent. However, there are 694 alternatives available on the market. What would make people want to buy your product? They will only do so if your product is better than the existing suspension systems.
There is a good chance that you will not earn back your investment.
3. Your product took a long time to develop
If your product took a long time to develop, the same will probably be true for your competitors. If you have a head start like this, that may be enough to gain a strong market position, particularly in the case of products likely to be a short-lived trend. The last thing you want to do is to help your competitors catch up by describing your invention in detail in a (public) patent application.
In these cases, you may be better off without a patent.
Or should you apply for a patent after all?
Often the situation often is not that clear cut. In example 2 about 'available alternatives' there may be reasons why you should actually make an effort to apply for a patent. For instance for marketing purposes when it appears that a patented suspension system will boost your sales. Or if you want to use the innovation box to get a tax break.
The moral of the story
First of all think carefully about your business strategy and about what you want to achieve with your innovation. If the development of a patent portfolio fits within this strategy, it's worth applying.
Complicated? A patent attorney can provide you with tips at an early stage of a development process. He or she will ask you critical questions that will help you arrive at a suitable strategy.