Protect your brand FAQ's on patents
What is a patent?
A patent is a legal document describing an invention in detail. It gives the owner an absolute monopoly right preventing others from using that invention, as specified in the claims.
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What must be shown for a patent to be granted?
- The invention must be new and previously publicly undisclosed
- It must not be obvious to a person skilled in that field.
- It must have practical / industrial application
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Why should a company have patents?
- A patent provides a 20-year legally protected monopoly over all claims of the invention within the patent.
- As a tradable asset, a patent provides income generation opportunities through licensing royalties, sale, protected manufacture and in support of brand development.
- As a legal monopoly, a patent portfolio creates a strong barrier to entry, is a valuable source of competitive advantage and has a proven positive impact upon raising finance.
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