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Why Are Patents Important?

Patents are important because they boost the economy and protect the rights of inventors. The U.S. Patent Act has been in effect since 1790, and allows inventors to own the rights for their inventions for 20 years.

  1. Importance

    • Patents often lead to new products. Some patents, including the xerography (Xerox) and instant photography (Polaroid) have become major industries, according to dreammerchant.net.

    History

    • In 1641, rewards were awarded to inventors from lawmakers to promote economical progress, according to dreammerchant.net. Lawmakers granted patent protection before legal systems were developed.

    U.S. Patent Act

    • In 1790, George Washington signed the U.S. Patent Act. The act gives an inventor rights to his patent for 20 years, meaning that he can earn financial rewards from the idea.

    Patent protection

    • During the 20 years that the invention is patented, no one else has the rights to the invention. However, once the patent expires, anyone can sell or use the invention without consulting the inventor, according to dreammerchant.net.

    Patent categories

    • When useful inventions are developed, they are patented under "utility," such as the light bulb or the telephone. When an updated design to a current patent is invented, they are patented under "design." An invention for a plant that is asexual, mutant, and/or hybrid is patented under "plant." Plant patents last 17 years and design patents last 14 years.

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