A patent is a grant from the government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent. The owner of the patent is granted a legal monopoly for a limited amount of time. However, a patent does not give its owner the right to make, use, or sell the invention; it gives the owner only the right to execute others from doing so. This is a confusing issue for many entrepreneurs. If a company is granted a patent for an item, it is natural to assume that it could start making and selling the item immediately. But it cannot. A patent owner can legally make or sell the patented invention only if no their patents are infringed on by doing so.

Patent is the centered on inventions and the ability to reproduce or manufacture an inventor’s product.

Patent is a legal right allowing an inventor t exclude other from making using, or selling an invention, a design or a plant for a stated length of time.

The exclusive right, granted by the U.S. Patent the Trademark Office, of an inventor to make, use, or sell the registered product for 17 years; not renewable.

Webster Dictionary Meaning

1. Patent
- Open; expanded; evident; apparent; unconcealed; manifest; public; conspicuous.
- Open to public perusal; -- said of a document conferring some right or privilege; as, letters patent. See Letters patent, under 3d Letter.
- Appropriated or protected by letters patent; secured by official authority to the exclusive possession, control, and disposal of some person or party; patented; as, a patent right; patent medicines.
- Spreading; forming a nearly right angle with the steam or branch; as, a patent leaf.
- A letter patent, or letters patent; an official document, issued by a sovereign power, conferring a right or privilege on some person or party.
- A writing securing to an invention.
- A document making a grant and conveyance of public lands.
- The right or privilege conferred by such a document; hence, figuratively, a right, privilege, or license of the nature of a patent.
2. Patent
- To grant by patent; to make the subject of a patent; to secure or protect by patent; as, to patent an invention; to patent public lands.
Share it:  Cite

More from this Section

  • Fixed costs
    Fixed costs refer to costs that do not vary with production or sales level and include ...
  • Differentiation strategy
    Differentiation strategy is a strategy that firms use to provide unique or different products ...
  • Opportunity Recognition
    Opportunity recognition refers to the process of perceiving the possibility of a profitable ...
  • Technology licensing
    Technology licensing is the licensing of proprietary technology that the licensor typically ...
  • Closely held corporation
    Closely held corporation is a corporation in which the voting stock is held by a small ...