A patent is a right that is granted to the owner of an invention or service that stops others from using, importing or selling the aforementioned invention without the patent owner’s permission.
An invention that has been patented can be any product or process that is essentially a new technical solution to a problem.
It can also be a brand new way of doing things, the composition of a new product, or a technical improvement of how a certain object should work.
Once this patent has been granted, its term of a patent is two decades (20 years) from the date of filing, and subject to the payment of annual renewal fees.
What are the benefits of obtaining a patent?
Once you have registered for a patent, it stops others from taking advantage of your invention or new service. In turn, you can also aim to raise funds for your business, license it to third parties for returns as well as sell the patented invention for a profit.
For your invention or service to be patentable, it must:
- Be unknown: This invention or service should not be known in the public domain or anywhere else in the world. You need to keep you invention under wraps until a patent application has been successfully made and accepted. If the idea has already been shared, you risk someone else applying for a patent in your invention and exploiting it.
- It represents an improvement: Your new creation must represent a solution or an improvement to an already existing product.
- It must use some form of practical application: This new product or service should be able to be used in some form of industry. Otherwise, it wouldn’t be of any use to anyone.