There are two ways companies can take advantage of their inventiveness if patents were abolished. First is to ramp up company security and keep the inner workings of the patent a complete secret. This method is even available today, if a company were to elect to keep a patentable item secret instead of patenting it. This method will certainly work in the short run.
The second way to take advantage of their inventiveness is to be recognized as the most competent implementer of the patent. Say an inventor creates a "wave engine". It is a difficult engineering feat, and if the inventor works hard to stay ahead of the competition, then they will do well enough by being recognized as the world experts on the "wave engine". If they don't work hard enough, then competitors will take business away from them.
By keeping trade secrets and by becoming highly competent, all inventors will do well. They might not do quite as well as they would have if they had a "monopoly" on the idea for 17 years, but nevertheless, they would do well enough!
Society is the winner here. If there were no patents, then all competitors could jump on the idea, and innovation would be vastly accelerated, and costs would plummet. It would be harder for companies to make a dollar, but the industries as a whole would accelerate rapidly.
There are numerous serious studies that support the abolition of patents. They examine cases where patents were granted and cases where patents weren't available. In all cases, in the long run, having a patent system slowed innovation, enriched some rent-seekers unjustly, and society always suffered. This is an idea whose time has come.