“A patent, or invention, is any assemblage of technologies or ideas that you can put together that nobody put together that way before. That’s how the patent office defines it. That’s an invention”-Dean Kamen
In the Indian scenario patent is generally premeditated as “high profile activity contrary to its reality.” So what is a patent? In general terms it is a limited, exclusive and a private right which is acknowledged for an innovation and invention which is a product or a process that provides a new way of doing things or provides a new technical solution for problems. Patent grants rights which allow the creator or the inventor to prohibit others from making, selling or using the innovation. they play an important part when it comes to successful business development because patent allow the inventions to be unique that offer competitive advantage on the marketplace.
There are various types of patent such as:
- Utility patent which is the most common type of patent which covers almost all the process including machine, article of manufacture, or balance of matter, or any new and useful improvements. The utility patent is granted for a limited time period of 20 years.
- Design patent covers any new, exquisite and original design for a piece of manufacture. The design patent is granted for a limited time period of 14 years.
- Plant patent covers any new variety of asexually produced and developed plant. The plant patent is granted for a limited time period of 20 years.
In general patent provides protection to the owner for a limited time period of generally 20 years. Patents along with providing protection also provide motivation and encouragement to the creators and innovators by recognizing their invention and granting material reward in the marketplace. Patents make sure that the creation or the invention cannot be commercially made use, distributed or sold without the consent of the patent owner. Patent protection and right is generally enforced by the courts that have the right to stop any infringement.
Patents play an important role in our daily lives because it has reined almost every facet and attitude of human kind by protecting inventions and innovations that have become our daily needs. It is necessary and an obligation for the patent owners to disclose information on their inventions in order to develop and upgrade the ‘total body of technical knowledge in the world along with increasing body of public knowledge.’
Advantages of having a Patent Registration in India are that:
- The owner can own, use, distribute and sell the invention in the given time period of 20 years.
- It can be further used to build business and increase the monetary benefits in the marketplace
- Patent owners can rent the patent license to the existing business in order to distribute it from one industry to another with the aim if increasing the inventions market value.
- It allows the patent owner to exclude others from making use, selling, distributing, etc the invention.
- It allows the patent owner to leverage it for building and booming the business which helps in raising the capital and further it can be licensed to the other companies to receive royalty payments. Thus business and inventors can have exclusive and complete monopoly and competitive advantage.
Inclusively, patents in as much provide not only protection for their owners but also beneficial, constructive and relevant information for future generation of inventors and creators.
Company Vakil an online e-Legal Portal, plans on making Legal Registration Simple and Affordable. For an in depth discussion regarding the patent of your invention visit Company Vakil and get it registered.