A patent, popularly known as a patent, is an exclusive right granted to an inventor or a company for an invention. This exclusive right gives the patent holder the sole right to commercially exploit the invention for a certain period of time. This means that the patent holder can prohibit others from making, using, selling or importing the invention without permission. In most countries, a patent is valid for up to 20 years, if at least the annual fees are paid.

Requirements to comply with a patent

To be eligible for a patent, an invention must meet three main requirements:

1. It must be new. This means that the invention has not previously been disclosed anywhere in the world. This may be in the form of publications, presentations or sales.
2. It must be inventive. This means that the invention must not be obvious to a person skilled in the relevant technical field.
3. It must be industrially applicable. The invention must be practicable and not just purely theoretical or abstract.

A patent offers several advantages. It gives the holder a monopoly position in the market, preventing competitors from using the invention without his consent. Furthermore, a patent (or rather a patent portfolio) can increase a company's value, especially if it protects strategically important technology.

Applying for a patent is a combination of a legal and a technical process. The invention has to be carefully described in a patent application, and this is a bespoke process. Usually, a patent attorney is engaged to guide this process to ensure that all requirements are met so that the patent provides maximum return for the patent holder.

In a world where innovation is increasingly important, patents are a great tool to protect your intellectual property and allow companies to protect and leverage their investments in research and development.

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