He got a patent for his invention in 2008 and now sells his machine all over India and in other emerging markets such as Africa and Latin America.

BBC: Indian Farmer builds frugal technology

On June 26, 1801 (or rather on 7 Messidor Year 9, since the Republic calendar was still in force at the time), the French Minister of the Interior awarded Abraham-Louis Breguet, the founder of Breguet, a patent for the invention of the tourbillon.

FORBES: Breguet Launches Tourbillon Exhibit in Geneva

This is part of the contract that forms the basis for the patent system: in exchange for teaching the public how to practice the invention, a patent holder is granted a time-limited right to exclude others from doing so.

FORBES: Patent Reform: Five Things Technology Companies Need to Know

Another problem is that first-to-file may make companies rush to put in for a patent before their invention is truly ready.

ECONOMIST: Intellectual property

In other words, the first inventor to file an application for an invention gets the patent, not the first person to invent something.

FORBES: Are We Greeks or Romans? New Patent Law Means Challenges for U.S. Innovators

As proposed, any strategy for reducing, avoiding, or deferring tax liability, whether known or unknown at the time of the invention or application for a patent, would not qualify.

FORBES: Beware Patented Tax Strategies

For anyone with an invention to sell, patent and intellectual property protection is their first priority.

FORBES: How to Find and Market an Invention -- David Larsen, CompleteSpeech

Suppose, further, that an employee at Company B independently conceives the same invention in June and files for a patent in July.

FORBES: March 16, 2013: The United States Transitions To A 'First-Inventor-To-File' Patent System