What is a patent?

A patent is an exclusive right granted by a government to an inventor for a limited time period. This right gives the inventor the exclusive ability to make, use, sell, and import an invention. Patents protect inventors from having their inventions stolen or copied by others. In Indiana, a patent grants the inventor a right to exclude others from making, using, selling, or importing the invention for a period of 20 years after the date of application. After the 20-year period, the patent expires. A patent owner can make money by licensing the patent and collecting royalties. Before applying for a patent, an applicant must determine the type of invention. A patentable invention must be novel, useful, and non-obvious. The application must include a detailed description of the invention, as well as a “claim” that describes the essential elements of the invention. The U.S. Patent and Trademark Office (USPTO) reviews the application and decides whether to grant a patent. It typically takes around three years for a patent to be granted. Patents can be expensive and time-consuming, but they can also be very beneficial for inventors. Patents give creators a legal right to their inventions and protect their ideas from being exploited by others. Furthermore, if an invention is a success, a patent can bring financial rewards to the inventor.

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What is a patent?

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