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➢ What is a Patent?
A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application. A patent is the intellectual property right granted to inventors through the US Government. An inventor has the option of securing a utility patent, a design patent, or a plant patent, depending on what they have created. A Patent guarantees nother person cannot make, use, or sell the invention in the US. The patent holder essentially has a limited monopoly on the invention and possesses the exclusive rights to the original work.
BENEFITS OF PATENT
Once a patent is issued to you, you have full protection over your invention or idea for a specific amount of time, as determined by the patent you filed for. The benefits of a patent are:
❖ Prevent others from developing and selling the same invention
❖ Value increases over time
❖ Incur license fees from others using the invention
❖ A patent portfolio may increase your value in the eyes of potential investors and buyers
❖ Market your projects as patented products
Security for your invention is a huge incentive to apply for a benefit, but as you can see, financial benefits accompany a patent, too.
➢ What kind of protection does a patent offer?
In principle, the patent owner has the exclusive right to prevent or stop others from commercially exploiting the patented invention. In other words, patent protection means that the invention cannot be commercially made, used, distributed, imported or sold by others without the patent owner’s consent.
➢ Is a patent valid in every country?
Patents are territorial rights. In general, the exclusive rights are only applicable in the country or region in which a patent has been filed and granted, in accordance with the law of that country or region.
➢ How long does a patent last?
The protection is granted for a limited period, generally 20 years from the filing date of the application.
