WHY ARE PATENTS ON IDEAS IMPORTANT? 2
Why are Patents on Ideas Important?
A utility patent entails granting the owner of a new idea the right to exclude other
individuals from making, using or commercializing it for a fixed period, usually twenty years.
The originator of the invention files a patent application, which contains a specification, one or
several claims, a declaration, and a filing fee. Utility patents prevent the use of an idea without
the inventor’s permission. This paper discusses the importance of patents on ideas.
Patents offer protection to novel inventions. The owner of a new idea should file a patent
application in conformance with the various statutes and guidelines, which the patent and
trademark office of a country or region promulgates (Levin, 2012). The patent application
requires an inventor to describe how to make and use the invention (Hsieh, 2013) .Accuracy,
clarity, and sufficiency are critical in the specification to prevent any skilled people in the
particular field of the invention from making or using it (Li, Lan, & Liu, 2015). The patent
prevents third parties from making, using, or selling the idea without permission of the owner.
A patentee can earn money in several ways including selling, licensing, or partnering
with a company to exploit the invention. A utility patent helps in determining the value of
compensation when the owner decides to submit the idea to a third party (Li, Lan, & Liu, 2015).
Patent attorneys guide originators of ideas in negotiating the compensation for ideas. The owner
can earn money through an outright sale of the invention. Alternatively, Levin (2012) notes that
through an exclusive license, the owner can grant a third party all the rights to make, use, or sell