However, what seems like a worthless patent today might yet become valuable. Laws could change or a company in a different industry might use a variation of the idea, and the patent owner could license its patent for royalties, says Lunt from PARC.

Plus, you may later develop related technologies or business methods that use the original patented material, LeClaire says. That initial patent might be the seed idea that sprouts a tree with many patented branches, he says. "The original seed might not have ultimate value, but it is the genealogy of a concept that does."

For companies that want to be known as groundbreakers, building a big patent footprint can help. For example, United Parcel Service, regarded as a perpetual innovator, has attained 313 patents in the United States, 69 of them since 2010. The $53.1 billion company recently patented technology to let customers track packages on wireless devices without having to enter the full 18-digit tracking code, and technology to reroute sensitive packages to avoid unacceptable environmental conditions, such as extreme cold or heat.

Patents are integral to UPS's business strategy. As CIO of UPS, oversees the $1 billion that the company invests in these and other technologies every year. He declines to discuss his patent strategy other than to say, "We are very active in this space and extensively utilize technology innovation to drive our business growth."

Equifax, a $2 billion credit reporting company, hopes to improve its innovation reputation. It has instituted a New Product Innovation index that calls for products launched in the past three years to bring in 10 percent of the revenue at each of the company's five business units every year. Equifax has received nine patents in the past two years, with two more pending.