The significance of patenting technology innovations lies in protecting intellectual property. By securing patents, inventors gain exclusive rights to their inventions, preventing unauthorized use and providing a competitive advantage. This legal protection encourages innovation by ensuring that creators can profit from their ideas and investments. It also fosters a culture of research and development, as companies and individuals are more likely to invest in new technologies when they know their inventions will be safeguarded. Ultimately, patents contribute to economic growth and technological progress.