Patented intellectual property refers to an exclusive right granted by a government to an inventor or assignee for a limited period in exchange for the public disclosure of an invention. It is a form of legal protection that gives inventors the exclusive rights to make, use, sell, or import their invention, preventing others from doing so without permission. Patents are typically granted for a new and useful process, machine, composition of matter, or any new and non-obvious improvement thereof.
This type of intellectual property protection enables inventors to safeguard their original creations and ensure they have a competitive advantage in the marketplace. Patents incentivize innovation and creativity by providing inventors with a legal monopoly, giving them the opportunity to recoup their investments and profit from their inventions. They act as a shield against unauthorized use or exploitation, encouraging investment in research and development.
To obtain a patent, applicants must disclose their invention in a detailed and precise manner, enabling others to replicate and understand the invention. The patent office then examines the application to ensure the invention meets the requisite criteria, such as novelty, non-obviousness, and usefulness. If granted, a patent provides legal certainty and enforceability, allowing inventors to take legal action against any infringement.
Patented intellectual property rights are territorial and generally last for a finite period, typically 20 years from the filing date of the patent application. After the expiration of the patent, the invention becomes part of the public domain, allowing others to utilize or build upon it.
