A patent is a form of incorporeal right. It is the granting of property rights by a sovereign authority to an inventor. This means that the grant gives exclusive rights of the invention, its process, and design to the creator for a specific period - in exchange for a particular reveal of the invention. Mostly, the government handles the issues of patents on an invention, and the duration may last for a couple of years. Like twenty years in the United States. There are even different types of patents.

Utility patents - This patent is issued for protection for the inventors who have invented the machine, a new and useful process, an article of manufacture, or a new composition. These are the most common type of patents.
Design patents - The design patents are for the designs or look of an object. It should be new and innovative to qualify for a patent.
Plant patents - These are for the plants that have been discovered and are capable of reproduction. The plant should be original and new to qualify.
These are some patents one can find. Of course, other types depending on region to region. Now that the definition and types of patents are established, it is time to see the benefits of having a patent.
It is profitable - Having a patent on the invention is beneficial as it can get profits. There are two ways that a patent can be profiting; through licensing or dominating the market prices. In licensing, the owner can profit from putting on a license that they can sell if they do not have enough resources to produce more of the invention. With the direction towards market prices - they can set a price on their work as with a patent, the invention will only be available to a target audience, as a premium for them.
It can decrease competition - Having a patent is powerful. If it is a start-up, having a patent can automatically put a barrier between others and the company because there cannot be similar products in the market. This way, a small company can have the upper hand over the multinational companies. And the big corporates can completely push the start-ups to the side with their invention and the patent on it.
Patent attracts investors - With a patent, the investors will understand the seriousness of the invention. They will also have some relief in knowing that there will be no better or replicates of the invention, which will be a security for them. They can also monetize the intellectual property (IP) this way.
Patents are cheap - Patents are cheaper to obtain than what they offer after getting on an invention. But then again, it depends on the complexity of the invention. The more complex the invention, the higher the patent will cost. For example, utility patents can razer blade stealth (13) come up to $20,000. But that too completely depends on the invention and the patent attorney. Some will cost less, but the legitimacy will also vary. For design patents, the cost could be considerably low. They can be good for a piece of clothing or any fashion accessory. That is why go for a proper patent attorney who can get the patent within a satisfying amount.