Business Dictionary
Patent
Definition
A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
Deep Dive
A patent is a form of intellectual property that grants its owner the exclusive legal right to exclude others from making, using, selling, offering for sale, or importing an invention for a limited period, typically 20 years from the filing date. To be patentable, an invention must meet specific criteria: it must be novel (new), non-obvious (not apparent to someone skilled in the relevant field), and useful (having a practical application). Patents are often crucial for technology companies and innovators, providing a powerful competitive advantage.
Examples & Use Cases
- 1A new chemical compound developed for a pharmaceutical drug
- 2The unique design and mechanism of a novel medical device
- 3A groundbreaking algorithm that significantly improves data compression efficiency
Related Terms
Intellectual PropertyInnovationResearch & Development (R&D)