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patent
Patent Meaning: What is a Patent?
A patent is a legal document that is granted to an inventor by the patent office in order to protect the subject matter seeking protection. Simply put, a patent is an exclusive right conferred by the Government on an inventor, to prevent others from exploiting the patent without his permission. Essentially, a patent is granted for an invention.
However, a patent will be granted only if it satisfies the conditions of patentability. These conditions of patentability are universal with slight differences in their way of interpretation.
importance of patent
Exclusive Rights :
Patents provide exclusive rights which allow the inventor to exclude others from using the invention. Particularly, for 20 years from the date of filing the patent application.
Strong Market Position:
Since the inventor has obtained the exclusive right to the invention, the inventor can exercise this right by preventing others from commercially using the patented invention thereby reducing the competition and thus establishing a place in the commercial market.
Higher Returns on Investments:
Having invested a considerable amount of time and money in developing the invention, under the umbrella of exclusive rights, the inventor could bring in the invention to the commercial market and thus obtain higher returns on the investment. Of course, this depends on the economic utility of the patent. For this reason, the inventor must ensure the commercial viability of the patent before investing in a patent.
Opportunity to License or Sell the Invention:
Sometimes, the inventor might not want to exploit the invention himself. In such cases, the inventor can sell or license the rights to commercialize it to another enterprise. This would result to bring royalty and revenue to the inventor.
Positive Image for the Enterprise:
Business partners, investors, and shareholders may perceive the patent portfolios as a demonstration. Particularly, the high level of expertise that is provided by the subject matter experts. This acts as a spectacle of the organization’s capability. Further, this may prove useful for raising funds, finding business partners and also increase the company’s market value.