Just curious but how would you know if you've stumbled upon something that is patentable? Is there a database where you can do a search?
Disclaimer: Been working on technology that looks like a step up on what was patented years before.
Cheers
Improvements to another's invention can be patented.
Must be "non-obvious"; but what that means is always disputed. If a great many of people have seen the problem, but not had your idea, that's good evidence it's not obvious. Must not have been published more than two years ago by you, or anywhere by someone else (unless you can show that's your work they just published.) Can't be prior art (already being used), anywhere.
Meet the above conditions, and the first to the patent office with the invention, a roll of cash, and someone - anyone - willing to say that, yup, um, yeah they totally thought that up, wins! Didn't used to be that way but it is now.
I would encourage you to think about starting a business around your tech, rather than worrying too much about legally defending it. Starting a successful company requires so many good decisions that it's much more defensible than most people think. If you were the first one to think of this idea, you'll also be the first to think of many of the ways it can be used to deliver value.
I agree with your comments and it definitely makes sense. My only worry is that investors will want to see that the technology is protectable before investing with their main fear being that the technology can be duplicated once people get insight into the methodology. It seems like we have a slightly more conservative investor environment here in Canada.
As soon as you file for a patent you can put a "patent pending" note in your documentation, page footer etc. If it's declined then of course take it out again. Until then you might have had enough "patent pending" press coverage though.