Today, we will be starting to learn about some key intellectual properties terms. These terms, are of importance to an entrepreneur, a business man and an investor in any legally binded entity to make profit, through innovation and creativity by producing goods and rendering of services.
Undetstanding of intellectual Properties before engaging the services of a Lawyer includes; Patents if the product, Trademark, Copyright and Trade secret which will complete the series.
Patent means a contract or agreement between the government and the business owner in exchange for disclosure of the invention. The government grant the inventor exclusivity regarding the invention for a specified period of time. At the end of this time, the government publishes the invention and becomes parts of public domain.
There is likelihood that ideas may be generated from the information to develop product/services that may be better prefered by the customers.
Basically, the patents affords the owner the protection that is required to prevent anyone else of making use of selling the define invention.
Also, if an inventor have been granted patent in the process of producing or marketing invention he/she may find that its infringes on the patents rights of others.
Patent is term legally a limited monopoly
granted to an individual or firm to make, use, and sell its invention, and to exclude others from doing so. An invention is patentable if it is novel, useful, and non-obvious. To receive a patent, a patent application must disclose all details of the invention so that others can use it to further advance the technology with new inventions.
Patentable items fall under four classes:
(1) Machine: Apparatus or device with interrelated parts that work together to perform the invention’s designed or intended functions.
(2) Manufacture: All manufactured or fabricated items.
(3) Process: Chemical, mechanical, electrical or other process that produces a chemical or physical change in the condition or character of an item.
(4) Composition of matter: Chemical compounds or mixtures having properties different from their constituent ingredients.
In most of the world, patents are granted on the ‘first to apply’ basis, with a protection period of 7 years (India) to 20 years (European Union). In the US, they are granted for 17 years on the ‘first to invent’ basis.
Responsibility of identifying, locating, and suing the patent violators, however, rests solely with the patent holder; patent law provides only means of prosecution and determination of just compensation. Clear or obvious on the fact of it.
To conclude this series; a patent is an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.
Be informed; Google has also developed a search engine for inquiring patents related informations around the world named Google patents.
Read more about Patent here.
Read the next episode tommorow on Think Media NG
Thanks for reading 🙂