Patent connotes a right granted to anyone who invents or discovers a new and useful process, product article or machine of manufacture, or composition of matter, or any new and useful improvement of any of those.
It is in the interest of the inventor to get his invention or any improvement patented.
The main object of the Patent Act is to:
Exclusive rights: A patent provides the inventor with the exclusive right to make, use, and sell their invention for a limited period of time, typically 20 years from the date of filing. This can help to prevent others from using or commercializing the invention without the inventor's permission.
Market advantage: Having a patent can provide the inventor with a competitive advantage in the marketplace, as it can prevent others from producing similar products or services. This can give the inventor the opportunity to establish themselves as the market leader and gain a larger market share.
Licensing opportunities: A patent can be licensed to other companies or individuals, allowing the inventor to generate additional revenue streams from their invention.
Increased credibility: A patent can increase the credibility of the inventor and their invention, as it demonstrates that the invention has been recognized by the government as a novel and non-obvious solution to a problem.
Potential for investment: Having a patent can make an invention more attractive to potential investors or partners, as it demonstrates that the invention has a clear value proposition and a potential market.
Invention disclosure: The patent application process requires the inventor to fully disclose their invention to the public, which can help to advance the state of knowledge in the field and inspire further innovation.
It is important to note that the benefits of patent registration may vary depending on the industry, the invention, and the specific circumstances of the inventor. Additionally, patent registration can be a complex and time-consuming process, and it is recommended to consult with a patent attorney to determine whether patent protection is the right choice for your invention.