Patent registration

• July 15, 2024
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A patent is an exclusive right awarded for an invention, which is a product or technique that offers a new way of doing something or a new technical solution to a problem. Technical information concerning the innovation must be revealed to the public in a patent application to get a patent. An idea requires significant effort and funds to materialize; therefore, it is important to market it and benefit from its creation. Patent registration enables the creator to profit from his or her innovation. Patent registration aids in limiting competition in the market for commercializing a certain idea. Patent registration prevents others from infringing on the inventor's monopoly. When the inventor decides to license his product, this right gives him an advantage in royalty negotiations. In general, licensing implies that someone else will manufacture and sell the product in the market while sharing a percentage of the royalties with the inventor.

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