What is a Patent:
Patent is an intellectual property right granted to an inventor for a process or a product, by the government that allows the owner to exclude others from manufacturing, selling or using for a time span i.e. one can’t make, sell, use and distribute that product without the owners’ consent. The invention can be a machine or any product which should be new and useful.
Three criteria for patentability
Who can apply for Patent?
Significance of Patent
Protects your invention from copy: As mentioned above it is inventor’s right to protect his invention from copying. Patent safeguards your discovery. It is not an easy task to transform your ideas into reality. It takes lots of efforts and money. You have to meet lots of people to convert your ideas into product and patent helps you to protect your ideas or concepts from stealing.
Helps you grow faster: If you have a patent info, undoubtedly your market position will be strong. Since your invention is patented means you have hands on that specific niche thereby lowering down the competition thus displaying a strong position in a commercial market.
Earn by licensing: You can also sell or license your invention if you don’t want to make use of your invention. In such cases, you can license or sell your invention to other resources. With which you can get a good licensing fee in return.
Makes your business more attractive: If you have your invention get patented means you have technical expertise in a specific niche. Business partners, inventors and shareholders will appreciate your commitment towards work which is good for your company.
