by Jane Walter
A patent is an intellectual property right granted to an inventor for his invention and also for the process applied for creating that product or invention. It has a significant role to play in the business world as it encourages innovative ideas and new creations.
When a person invents an innovative and exclusive product that can be sold for a profit, he would not want others to take benefit of his creation, and the time and efforts invested in it. However, when you discuss your product in public or work towards marketing of the product, some infringement of your right over your invention is likely to take place. It is here that patent laws step into the picture.
Patent laws give the inventor legal ownership over his product and processes thereto along with the right of exclusive usage for a particular span, after which any other person can use that invention for his or her own gain. This enables the inventor to get profits for his efforts while he is under the protection of law and permits him to initiate legal action against any person who is found to be infringing his patent.
Patents are also important in cases where the inventor is willing to license the product, as the licensee may not prefer investing in a product that is not protected from counterfeiting. However, given the legal processes involved in applying and being granted a patent, they are not necessary for products that are not quite unmarketable or are meant to be sold for a very small span.
Patents are extremely significant in a scenario where the product, which has been invented through hard labour and skills of a person or a group, has fair prospects in the market due to some unique advantage that it offers. The legal protection granted by a patent inspires people to develop more novel ideas and inventions, as it ensures that they will receive good returns for their work.
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New Unique Article!
Title: Importance Of Patent Laws
Author: Jane Walter
Email: Buy1GIVE1@gmail.com
Keywords: ideas protection,business idea,protection,protecting business ideas,business value,Intellectual property,IP law,copyright,IP,lawyer,trademarks,patents
Word Count: 326
Category: Writing & Speaking:Copywriting
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