The U.S. Patent & Trademark Office (USPTO) is in charge of the United States patent system. The patent system is a narrowed exception to the general open competition and anti-monopolistic principles that emphasize our organization of laws because it gives a person the sole management of a possibly important technological field. Yet, in a different way, patents still make sure a reasonable contest among all citizens. A patent gives the inventor a reason to reveal and use his valuable invention and, to cite the U.S. Constitution, “encourage the development of science and useful arts.”
A patent also publishes the edges and corners of the invention, giving the public information of the invention early on, even though the inventor gets about a 20-year advantage in exploiting it. When the patent expires, the inventor can no longer avert anyone from using the invention or manufacturing and selling anything that falls within that previously forbidden area of technology — free contest reigns again, and the country is wealthier for the technology.
How can you benefit from a patent
A patent can be a commanding legal tool that affords you, as an inventor, businessman, or industrialist, the solitary right to your technology and a competitive edge in the market. The patent sets aside, exclusively for your advantage, an area of technology related roughly to your invention. For the life of the patent, you can prohibit others from making, selling, or using any machine, device, composition of matter, method, process, plant, or design that falls within the technological area characterized by the claims in your patent.
After your patent is granted, you can go into dealing yourself to carry out the invention, free of contest. You can also license your patent rights to someone else (a license is a lease that allows another party to utilize your invention. In most cases, it is just a promise by the patent owner not to sue the holder of the license). If you’ve invented something really priceless, potential licensees will be lining up for a chance to pay you attractive royalties for the right to gain by your invention. Or you can sell the patent outright for a package, giving the new owner the patent’s exclusive benefits for the remaining period of the patent.