PATENT Flashcards
WHAT IS A PATENT?
Grants company exclusive rights to invention, preventing others from making, using, selling, or importing the same device without permission.
What protection a patent can provide?
Establishes company as the only provider, giving it a competitive edge.
Allows licensing or selling the patent for additional income.
Provides resources against copycats, safeguard company’s investment.
Enhancing reputation and attracting partners.
Increases investor confidence, reducing risk.
20 years of protection, allowing time for market dominance.
How do I apply for a patent?
A patent application will be about ideas behind the product, such as how it works, what it does, and why.
The application has to prove there is an inventive step - i.e., a novelty.
Employing a patent attorney is often recommended for this process.
