This document provides an overview of why patents are important and different types of patent applications. It discusses national patent applications, which are filed for a single country, and regional/international applications, which can provide protection across multiple countries. The Patent Cooperation Treaty (PCT) allows for filing an international patent application. The document also notes that patents give holders the exclusive right to profit from an invention by preventing others from distributing, selling, or manufacturing it without permission. Finally, it shows that IBM has consistently obtained thousands of US patents each year over the past decade.