“Intellectual Property(IP)”, a self-defining term which means a property resulting from the creation of human mind, the intellect. Out of all, probably the most important intellectual property is the “Patent.”
Patent is an exclusive right granted by the government for an invention, which can be a product or a process of doing something or a new technical solution to a problem. It provides its owner with the right to exclude other from exploiting the patented invention, i.e. making, using, selling or importing/exporting the patented invention. This monopoly or exclusive rights enables the owner to recover the invention cost as well as to obtain the return of investment. Some other important benefits of patenting an invention includes 1. Freedom of Movement, which can be a very valuable in crowded field with many competitors or a filed with dominating players, 2. Licensing Opportunities, which generates revenue from the licensing of a patented invention, and 3. Corporate Value, which relies greatly on a company’s intellectual assets, such as, Patent. The intellectual assets account for 85% of the company’s value while the capital assets accounts only 15% of the company’s value of Fortune 500 companies.
But, in order to be patentable, an invention must meet certain criteria:
1. It must be new or novel
2. It must involve an inventive steps (that is, non-obvious to a person skilled in the relevant field of technology)
3. It must be capable of industrial application