Patents protect novel, useful and non-obvious processes, machine, manufacturers, or compositions of matter. The patent is issued by the United States Patent and Trademark Office (USPTO). Obtaining a patent gives the patent owner the exclusive right to exclude others from selling or offering to sell, using, making or importing the invention.
A patent is not about granting the owner the right to make, use, offer for sale or import. The key is ‘exclude others.’ Once the patent is awarded, it is valid for 20 years from the date of the filing.However, in exchange for this “legal monopoly,” the investor must disclose how to practice the invention. This description is submitted as part of the application to obtain the patent.
Obtaining a patent brings tremendous value to a company, firm, organization, corporation or even an individual. A patent is critical to entrepreneurs or corporations when searching for investment and it generates revenue for the entity through the development, marketing and sale of the product, license to other corporations. A patent also allows the entity to cross-license their product to another entity in return for a similar license and helps in securing market position or obtaining exclusivity. It excludes competitors from entering your business. A patent also protects your production from duplication.