What is a Patent?

A patent is a legal document that is granted to an inventor by the patent office 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.

Any product, design, or process that does something using a novel methodology or solves an existing technical problem is an invention. Usually, the patent stands valid for 20 years from the date of application.

Patents are valuable assets that enable one to publicly share their invention without fear of being misused. Besides, it also accelerates the growth and development of the country by making advancements accessible to the scientific community.

However, a patent will be granted only if it satisfies the conditions of patentability. These conditions of patentability criteria are universal, with slight differences in their way of interpretation.

Novelty:

To obtain a patent for an invention, the inventor must make sure that the invention consists of one or more new elements that are novel, failing which, the invention will not qualify for patenting.

Non-obviousness:

Along with novelty, the invention is required to be non-obvious. As in, any person possessing skills in the particular field of the invention must not find the invention to be easy and obvious.

Industrial Application:

The invention of a patent that is capable of producing or being used in the industry is considered an Industrial application. If the novel and non-obvious inventions have some industrial application, the invention qualifies to be patented and thereby satisfies the conditions of patentability.

It is important to remember that patent protection is available for any product, process, or design for a limited period of 20 years, after which the global audience can use the invention without permission and by infringement of the patent. This is called the system of Quid Pro Quo and is fundamental to the patent system.

Patent Meaning

The objective of a patent is to provide a right to an inventor(s) to exclude others from exploiting the patented invention. Therefore, other than the inventor cannot use, make or sell the patented invention without permission from the inventor. This is often referred to as the exclusive right of the invention. The inventor can capitalize on this exclusive right and make his patent commercially viable.

Why should I patent my invention?

Patents give you a much-needed competitive edge in the market. Firstly, it prevents other organizations from copying the invention, thereby lowering the risk of competitors in the market.

Besides, if you fail to file a patent, there are chances for other organizations to patent your invention. This, in turn, can cause huge losses and prevent you from generating revenue from years of hard work. Hence, to reap the benefits of your invention, it is essential to patent the invention.

Importance and 9 Major benefits:

1. Exclusive rights

The foremost advantage of obtaining a patent is that it gives exclusive rights to the inventor. In other words, it keeps the infringers at bay and prevents them from selling, making, or marketing the invention. Moreover, it also enables the patent owner to tackle such infringers legally.

2. High return 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 the invention to the commercial market and thus obtain higher returns on the investment.

Organizations that dedicate their time and effort to building a strong patent portfolio have a high return on investments and emerge as market leaders in their domains. One such successful example is IBM (International Business Machines Corporation), which takes up patenting its innovations quite sincerely.

3. 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.

4. Sense of ownership

Patents give the inventor the security and confidence to share their invention in public domains. You can share your invention with the scientific community and investors without any fear of losing ownership of your invention.

5. 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 in bringing royalty and revenue to the inventor.

6. Patents as assets

Patents are intangible assets that improve the value of an organization. It showcases your expertise in the domain and your dedication to the invention. This builds confidence among investors, partners, and consumers in your invention, thus, attracting more funds and revenue for the organization.

7. Source of revenue

Inventors can use patents to establish their businesses. Sometimes, inventors cannot commercialize the invention on a large scale. In such cases, they can permit any third party to manufacture, sell and market the product and avail of a licensing fee. Thus patents ensure the inventor earns revenue for their efforts.

8. Benefits to the society

An invention is likely to benefit society as a whole by creating several employment opportunities after its commercialization. Patents bring down the wall of secrecy on the invention, making it available to the public. This would enable other researchers to gain access to the invention. Furthermore, it inspires and encourages further research and development, paving the way for better designs and products.

9. 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 the subject matter experts provide. This acts as a spectacle of the organization’s capability. Further, this may be useful for raising funds, finding business partners, and increasing the company’s market value.

Patents can act as a form of record of all inventions. It enables the Government to develop strategic administrative policies that strengthen the intellectual property sector from time to time.

The patenting process requires more time, strict monitoring, and careful consideration. However, the benefits that it offers are worth it. All inventors should make it a point to file patents not only for their benefit but also for the welfare of society. You can always approach patent experts to make the process of patenting easier.

Considering the above “patent meaning” and importance, one can obtain a sneak peek into the challenging yet fascinating patent world.