Patent Facts
A patent refers to a type of intellectual property law, enshrined in the U.S. Patent Act, that allows an inventor exclusive rights to sell an innovation for a certain amount of time. During this time, an inventor can sue anyone else who manufactures or sells the innovation.
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Purpose
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Patent law is designed to encourage research and invention by ensuring that inventors will profit from their investments. Patent law gives inventors a temporary monopoly on their innovation, since they have no competition.
Requirements
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Not everything can be patented. For example, abstract ideas and the laws of nature cannot be patented. Innovations must be human-made, useful and new to qualify for a patent.
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Process
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Inventors obtain a patent by filing an application with the U.S. Patent and Trademark Office. Patent examiners then investigate the innovation to determine whether it qualifies for a patent. Utility patents as of July 2010 last 20 years from the date of filing. Design patents last 14 years from the date of filing.
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