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The Patent Rights and Its Importance Report (Assessment)


Patent can be defined as the right entitled to an individual due to specific contribution in a particular area. A person may be entitled to a patent for various reasons. To start with, an individual may be granted a patent because of coming up with a new idea that never existed before. A patent is also granted to any person who may come up with a new development in a certain field.

When a patent is granted, other people do not have the right to use the new idea or development over which a patent is entitled. The contributor of the idea is given rights to enjoy their creativity and innovativeness. However, the holder of the patent does not have rights to manipulate the patent in any way.

Most of the patents granted are due to modification in the contributions done earlier by different people in a certain field. It is allowed to make developments in order to improve on existing inventions. However, it is advisable to consult the persons responsible for these innovations.

After carrying out developments on already existing inventions, the holder of the innovation should be consulted before making a sale as he or she still holds the right for such innovation. In this case, the person engaged in the development of the previous innovation is entitled to a right in the development made.

One form of developing previous innovations could be a new way of conducting a certain process. This may also include a solution to a certain technological complication which may have disturbed people before but there have never been any proposed way of overcoming the problem.

People who contribute in such developments are granted this protection and rights in order to recognize their contribution. However, such kind of protection is valid for only twenty years.

It is very important to know how the patent helps the people who have come up with new ideas or have found a solution to a certain technological difficulty. Adequate knowledge on how the patent is granted is very essential in protecting the rights of the inventors.

In many cases, other people may take the advantage of innovations that have not been granted a patent. Regulations guiding the patent ensure that such people are detected earlier and sanctioned accordingly in case they attempt to gain any favour with respect to other people’s innovations. People may take advantage of others work to gain compensation, which they don’t deserve.

Patent can also be very important in generating a business opportunity for the holders. Enough knowledge on how to patent helps the innovators when they wish to use their innovation for business purposes. People can use their innovation for business purposes in two ways.

First, holders of a patent may decide to sell their innovation hence generating income. Another way an innovator can use an innovation for business purposes is through application of the developed idea in production processes. Patent protects such businesses from imitation hence sustaining their profitability.

A great percentage of most profitable businesses have at least a unique idea or development, which is protected from imitation by other businesses. This allows them to provide a service or a product that no other provider can offer in the market.

In some cases where businesses are not able to access the protection of a patent, secrecy in business operations substitutes the role of a patent. While granted, patent protects a business for a period of two decades. During this time, an industry is free to carry out its operations without facing unnecessary antagonism.

This Assessment on The Patent Rights and Its Importance was written and submitted by user Felipe Nash to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.

Felipe Nash studied at Texas State University, USA, with average GPA 3.11 out of 4.0.

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Nash, F. (2019, May 1). The Patent Rights and Its Importance [Blog post]. Retrieved from https://ivypanda.com/essays/the-patent-rights-and-its-importance-assessment/

Work Cited

Nash, Felipe. "The Patent Rights and Its Importance." IvyPanda, 1 May 2019, ivypanda.com/essays/the-patent-rights-and-its-importance-assessment/.

1. Felipe Nash. "The Patent Rights and Its Importance." IvyPanda (blog), May 1, 2019. https://ivypanda.com/essays/the-patent-rights-and-its-importance-assessment/.


Bibliography


Nash, Felipe. "The Patent Rights and Its Importance." IvyPanda (blog), May 1, 2019. https://ivypanda.com/essays/the-patent-rights-and-its-importance-assessment/.

References

Nash, Felipe. 2019. "The Patent Rights and Its Importance." IvyPanda (blog), May 1, 2019. https://ivypanda.com/essays/the-patent-rights-and-its-importance-assessment/.

References

Nash, F. (2019) 'The Patent Rights and Its Importance'. IvyPanda, 1 May.

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