Obtaining and maintaining a patent can be expensive and involve legal complexities. Businesses must weigh the costs against the potential benefits. Holding a patent also means defending it. This can lead to legal battles if others dispute the validity or infringement of the patent.<\/span><\/p>\nExample of a patent<\/h3>\n
Imagine a technology company, Tech Innovations, invents a new type of smartphone with advanced features and functionalities. To protect its invention, Tech Innovations files for a patent for the design and technology used in the smartphone.<\/p>\n
The patent grants Tech Innovations exclusive rights to manufacture, sell, and use the patented smartphone design and technology. This prevents other companies from copying the design and technology without Tech Innovations’ permission.<\/p>\n
As a result, Tech Innovations can capitalise on its innovative smartphone design, establish a strong market presence, and potentially license the technology to other manufacturers for a fee.<\/p>\n","protected":false},"author":1,"template":"","class_list":["post-31729","business-glossary","type-business-glossary","status-publish","hentry"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"
Definition In business and finance, a patent is a legally granted property right that provides exclusive ownership and protection to an inventor or assignee for a novel and useful invention or innovation. What is a patent? A patent grants the holder the exclusive right to use, make, sell, or licence the patented invention. This exclusivity allows the patent owner to prevent others from using or profiting from the invention without their permission. A patent has a defined lifespan, typically 20 years from the date of filing. After this period, the patent expires, and the invention enters the public domain. Types…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"root","url":"https:\/\/swoopfunding.com\/au\/author\/root\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/business-glossary\/31729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/business-glossary"}],"about":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/types\/business-glossary"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/users\/1"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media?parent=31729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}