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Patent is a form of intellectual property—and it is often the most misunderstood. For example, take the idea that owning a patent gives you the right to practice (produce or sell) a product or service that uses your patented invention. You do not actually need a patent to practice a new technology that you invented. In fact, the purpose of a patent is to grant you a time-limited monopoly for your invention that prevents others from using it. It is entirely possible, however, that you may need to license a patent from someone else in order to use your new technology if your invention is an improvement to a previous technology.
This search, which is a good idea though not legally required, consists of combing the Patent Office’s collection of prior patents, published articles, brochures, schematics and other documentation to find information that relates to your invention. , it’s not really new) or is obvious in light of what’s been done before. This is not something you want to find, but it is better to discover it before you file your patent application so you can avoid the loss of time, effort, manpower, resources and money that result from having an application rejected.
A patent protects a company’s innovative technology by creating an intangible asset that, like real estate or equipment, can be bought, sold, or rented (licensed). A patent enables individual inventors and innovative organizations to invest in research and development, and then have the technology they develop become an asset that produces a return on their investment. The limited monopoly given to patent owners by the federal government is for 20 years from the date of application filing. S. Patent No.