What kind of protection does a patent offer?
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.
What are its advantages?
- Exclusive Rights: With exclusive rights, the owner of the patent controls the use of the invention for a full 20 years. Patents can make businesses grow substantially and slow down competitors/rivals for years to come.
- Easy to Sell: You can transfer or sell your patent to another person. Some businesses exist solely to collect the royalties from a patent they have licensed.
- Increase in Valuation: A patent for a successful product or service can significantly increase the valuation of your business. When you are raising investment, it will be defined as an asset.
- Improved Credibility: A patented product is likely to improve brand perception and potentially enable the business to charge a premium.
- Establish Rights Early” The provisional patent enables the inventor to book your name against your invention even before it is final. The patent is awarded to the person who files it first, rather than the person who invents it first.
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.
What can be patented? And how long does a patent last?
- Art, process, method or manner of manufacture
- Machine, apparatus or other articles
- Substances produced by manufacturing
- Computer software with technical application to industry or used with Hardware, and
- Product patent for food, chemicals, medicines and drugs
The protection is granted for a limited period, generally 20 years from the filing date of the application.