What is a Patent?
A Patent is an official document which contains an invention disclosure and gives the right, granted by the government, to exclude others than the inventor from using, manufacturing or selling the said invention for generally 20 years.
What rights does a patent provide?
A patent owner has the right to determine who may or may not use the patented invention for the period in which the invention is protected. In another word, patent protection means that the invention cannot be commercially manufactured, used, spanned, imported, or sold by others without the patent owner’s approval.
How are patent rights enforced?
Patent rights are usually enforced in a court on the action of the right owner. Usually, in most systems, a court of law has the authority to give over patent violation. However, the main responsibility for observing, describing, and taking action against infringers of a patent lies with the patent owner.
What does it mean to license a patent? and why is it done?
Licensing a patent simply means that the patent owner donates permission to another individual/organization to make, use and sell his/her patent invention.
This takes place according to the agreed terms and conditions, for a defined purpose, in assigned territory, and for an agreed period.
A patent owner may grant a license to a third party for several reasons. The patent owner may not have the necessary manufacturing facilities, for example, and therefore prefers to allow others to make and sell his/her patented invention in return for royalty payments. Entering into a licensing agreement can help to build a mutually-beneficial business relationship.
What happens if I don’t patent my inventions
If you don’t patent your invention, competitors can take advantage of it. If the product is successful, many other competitor firms may well use same product without needing to ask for your permission. Larger enterprises can take advantage of economies of scale to produce the product more cheaply. That reduce your company’s market share for that product. Even small competing enterprises may be able to produce the same product and sell it at a lower price.