What is a Patent?
Patent is a right that is awarded to a person for his new invention or technology which had never been in existence before. Every nation’s growth rests on the number of significant patents granted. In legal language patent is a set of special privileges approved to a person for his invention to a stipulated period of time. New Invention or technology which brings a significant change in the scientific and industrial world is considered as Patent. Not only in technology companies but also medicines, process of preparation of medicines included under the purview of patent.
Patent is the right that is awarded to a person for a new invention or technology which had never existed before. Every nation’s growth rests on the number of significant patent granted. In legal language patent is a set of special privileges approved to a person for his invention to a stipulated period of time.
Importance of Patent Registration
Special privileges – enable the patent owner to get back development costs and gain ROI in the progress of the patented technology.
Powerful market niche – Economic importance in certain countries may be different based on the type of technology.
Positive representation for your venture – identify and realize the full potential of value from patents.
Boost the command to make the deal – can generate revenue from the licensing of patents.
Chance to accredit or vend the invention – enable a person of skill in the particular field to understand the invention well enough. It facilitates to turn your novel ideas in to riches.
Superior ROI – a key requirement for raising venture capital; The patent law is a legal agenda that set up a system of exclusive rights which supports and support technological novelty and encourage fiscal progress.