Patents are exclusive rights to a new invention or innovation. These innovations take the form of ideas, materials, products, machinery, or processes. For their inventions, inventors may receive a patent. Patents are exclusive rights to a specific invention for a period of usually twenty-years.
Inventors seek the protection of a patent, because they feel their invention contains some form of unique value. Through the patent process, inventors wish to protect their ideas, materials, methods, and products from competitors. In this frame of mind, awarded patents grant inventors exclusive property rights over the patented item. For inventors, sole ownership of intellectual property rights is vital. The financial and business community views a patent as a highly liquid, intangible asset. Inventors can very easily exploit the valuable nature of their patents in a variety of ways.
As exclusive intellectual property owners, patent holders can choose a variety of methods to share their patented information, designs, and methods. One way to share a parent is with a patent license. A patent license is an agreement between the inventor and another entity. The patent owner agrees to allow the use of their patented property for a specified amount of time. These agreements can be very lucrative for inventors. Granting a patent license allows investors to profit from their invention while also seeing it implemented in the real world. The time limit and number of licenses granted are solely at the discretion of the patent owner. The only restriction to an endless financial windfall is the twenty-year limit on patent protection. The United States Patent and Trademark Office impose a twenty-year patent term limit. A patent license, in theory, can be granted for twenty years then.
When negotiating a patent license, inventors and companies use legal professionals. Patent lawyers and patent agents are trained to deal with these interactions. Having a patent license professional on your side will greatly increase the financial benefits from licensing your patent. A patent license professional, such a patent lawyer or patent agent, can also prevent illegal actions, questionable dealings, or unfavorable agreements from occurring in these negotiations. Licensing your patent can be a complicated procedure. With a patent license lawyer, this complication can change to currency in rapid pace.
The exclusive rights patents offer inventors include:
Exclusive rights to make an invention
Exclusive rights to use and implement an invention
Exclusive rights to license patent technology
Exclusive rights to sell a patent
Exclusive rights to assign an invention