Patent
A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
Business Glossary provided by Plannit.ai
A patent is an intellectual property right granted by a government to an inventor, allowing them to exclude others from making, using, or selling their invention for a certain period of time in exchange for public disclosure of the invention. Patents are part of a broader intellectual property legal framework that encourages innovation by giving inventors control over the commercial exploitation of their inventions. They are crucial for giving companies and individuals the incentive to invest in new research and development.
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