The patent is an exclusive right granted by a Government to an individual who has invented any new and useful device, software, products or the processes. The provisions of Patent Act, 1970 protect the inventions which are carried out by the individual.
- BA patent gives you the right to stop others from copying, manufacturing, selling or importing your invention without your permission. See protecting intellectual property.
- You get protection for a pre-determined period, allowing you to keep competitors at bay.
- You can then use your invention yourself.
- Alternatively, you can license your patent for others to use it or you can sell it. This can provide an important source of revenue for your business. Indeed, some businesses exist solely to collect the royalties from a patent they have licensed – perhaps in combination with a registered design and trademark.