What is a patent?
A patent is a intellectual property right granted by the government that gives the holder exclusive rights to the invention for a set period of time (20 years in the UK provided annual renewal fees are paid) preventing others from using, selling, importing or making it without the inventor’s permission.
Patents are generally taken out on new inventions that have the potential to be commercially successful. This enables the holder to either generate revenue by utilising the invention or by licensing others to use it.
Benefits of patents
Patents have an obvious benefit to the patent holder in that they offer them a monopoly over their invention. They are also thought to be beneficial to society as they reward innovation encouraging the ideas of other inventors.
However patents can also hinder innovation if the monopoly granted to the inventor is to large and prevents others from pursuing ideas in related fields for fear of legal action being taken by the patent holder.
To find out more about how we can help you, please contact Carvill & Johnson in Northfield, Birmingham.
|
