Journals are the platforms where one’s innovative thoughts and concepts are peer reviewed by academicians around the world, acknowledged to be novel and published free of cost (sometimes paid) to the entire world. Here the creator spends no money and posts his concept / research to the world free of cost that is accessible to any industry or individual to be used or implemented free of cost without paying even a single penny as royalty to the creator for the hard work and time invested except for for recognition; while the user of the research / industry would make millions and trillions in business. Any idea or concept is to be perceived as a donation or service to the business or future generation.
Patents are constrained and highly secured platforms where one’s innovative thoughts and concepts are claimed for ownership by applying for protection from the respective governments / WIPO without letting others to commercially use it without the creators’ permission. Here the creator invests (spends is not the right word) a small amount of money to pay fees to the government for making his idea or concept a private property and once reviewed and approved by the patent examiner the patent holder will be the official owner of the idea or the concept and any user of industry in need of the idea or concept to be used for their commercial purposes shall pay royalty or buy the property from the creator based on a business deal which will make mutual economic benefit to the creator as well as the business entity. Any idea or a concept here is to be perceived as an investment and a business tool with high level of prestige and attribute.
In simple words;
- if you want your research to just be spending as much as it can, go for Journals
- if you want your research to create you an earning back in a long run with revenues 2X to 1000X go for Patents.
- Creating a Patent – Creating a Fenced and Protected Asset
- Creating a Journal – Creating an Asset and Giving it for free for anyone to use.
Patents can be applied by,
- Individuals / Team of Individuals (Researchers & Inventors)
- Small Entities (Small Companies with lesser capital)
- Large Entities (Large Companies / Educational Institutions with higher capital)
Unlike a Journal; position of a person as an inventor in a patent in no way matters.
It is always the most critical decision of any creator to be taken to choose between any one of the above two in the current scenario.