Kazam

A PATENT is an exclusive intellectual property right granted by the Government which allows the holder of the right or patent (e.g. patentee) the ability to exclude others from making, using, or selling the invention or subject matter of the patent  for a maximum of 20 years from the date the application for the patent was filed. To be patentable, an invention must satisfy the statutory requirements of novelty (not known anywhere in the world); utility (is useful and functions); and inventive ingenuity (is not obvious to a person skilled in the art or field to which the invention relates).

In exchange for the monopoly granted by a patent, the patentee is required to provide full disclosure by way of an enabling description so the public will be able to benefit from the advance in technology and knowledge, and put it to successful use once the monopoly has expired. However, while the patent is in force, the public cannot practice the subject matter of the patent without the patentee’s permission .

A patent is an an asset and like any other asset, can be valued and monetized. As part of a company’s operational strategy, it can build a portfolio of patents that effectively blocks and keeps the competition away. Patents can also be licensed to not only generate revenue, but to increase technological advancement by creating an opportunity for the licensee to work the invention.  Further, because a patent is an asset, it can be sold or licensed to realize revenue, or used as a financing vehicle to negotiate funding as part of a company’s financing efforts.