The Story Of Inventions - Patent Story

Well, I am not going to define patent as dictionary wise or act wise or Law wise, I am sharing one story of Wright Brothers- Inventors of the airplane. I have taken this reference from my kid’s story book. The boys (The Wight Brothers’) grew up loving to invent things. They got interested in flying when their dad gave them a toy helicopter than flew with the help of rubber bands. They experimented with making their own helicopters and Orville liked to build kites.

The first flight lasted for only 12 seconds and they flew for 120 feet. Each brother made additional flights that day that were slightly longer. This wasn't a simple or easy task they had completed. They had worked and experimented for years with gliders perfecting the wing design and controls. Then they had to learn how to make efficient propellers and a lightweight engine for the powered flight. There was a lot of technology, know how, and courage involved in making that first flight. Which mean they came up with improved version of their flight every time. So, here is our take away from my blog-“improvement” and “advanced technological step” is the key ingredient of patenting your invention.

Combining all my points in the nutshell: -

• A patent is a legal document that gives the right or authority of a field of research, an invention or any other processes to a person applying for it.
• The patent is the right granted to the ‘owner’ of the invention, and it can be anything ranging from product to services. A patent gives its owner the right to prevent others from making, using, importing or selling the invention without approval.
• Patent protects an invention, and grants to the owner the exclusive rights to use his/her invention for a limited period.
• Ex: - Band aid, electric iron, safety pin, ball point pen, telephone etc.

Reasons for Patenting Your Inventions

As per WIPO (World Intellectual Property Organization), applying for patent and upon granting the patents right from the Government Authority, an applicant is entitled to avail following mentioned benefits:

• Exclusive rights
• Patents provide the exclusive rights which usually allow your SME to use and exploit the invention for twenty years from the date of filing of the patent application.

Strong market position

• Through these exclusive rights, you are able to prevent others from commercially using your patented invention, thereby reducing competition and establishing yourself in the market as the pre-eminent player.

Higher returns on investments

• Having invested a considerable amount of money and time in developing innovative products, your SME could, under the umbrella of these exclusive rights, commercialize the invention enabling your SME to obtain higher returns on investments.

Opportunity to license or sell the invention

• If you chose not to exploit the patent yourself, you may sell it or license the rights to commercialize it to another enterprise which will be a source of income for your SME.

Increase in negotiating power

• If SME is in the process of acquiring the rights to use the patents of another enterprise, through a licensing contract, your patent portfolio will enhance your bargaining power.

Moreover applying, obtaining and protecting Patents right is evolving a requirement for any type of business.

Why are Patents Important?

The first non-Da Vinci, modern parachute was invented in 1797 by André Jacques Garnerin, more than 300 years after Da Vinci sketched his version in his notebooks. Knowing this, we cannot help but wonder how history might have been different if Da Vinci had shared all his inventions with the rest of the world. As per the Act patent is a legal document that gives the right or authority of a field of research, an invention or any other processes to a person applying for it. The patent is the right granted to the ‘owner’ of the invention, and it can be anything ranging from product to services. A patent gives its owner the right to prevent others from making, using, importing or selling the invention without approval. Patent protects an invention, and grants to the owner the exclusive rights to use his/her invention for a limited period. Inventions are the result of hard work. It may only take a moment of inspiration to think of a good idea but it takes a lot of research and experimentation to turn the idea into a useful and working invention. Inventors deserve a reward for the amount of time they spend developing their ideas.

They also need the security of knowing that if they share the invention with the rest of the world, nobody will steal it, use it or copy it without their permission. Patents provide rewards and protection for inventors but they also benefit society. In return for patent protection, inventors agree to reveal all the technical information about their invention. “Invention is a process; you don’t get there overnight…” Louis Foreman.

Summary

Inventing, patenting and commercialization new products and processes requires a complete instruction. Innovation happens when a new invention changes a way of doing things. Innovation moves science, technology and mankind forward and this is the highest reward that an inventor can receive. “Keep moving, keep inventing and improving the world. ”