Patent provides its owner the right (in the form of patent claims) to exclude others from exploiting the patented technology which includes making, using or selling the patented invention for a limited period of years in exchange of public disclosure of the invention. A patent is important because it safeguards your invention. Patent can protect any product, design or process that meets certain specifications according to its originality, practicality, suitability, and utility.
Patent helps its owner to regain the development costs and obtain an investment for the development of the patented technology. Patent stimulates research and it is critical for raising venture capital.
The patent owner can also give license to a third person to use, sell and extract benefits from his patented invention, for an amount already decided as royalty.