A patent is a right granted to the owner of an invention that prevents others from making, using, importing or selling the invention without his permission. A patentable invention can be a product or a process that gives a new technical solution to a problem. It can also be a new method of doing things, the composition of a new product, or a technical improvement on how certain objects work. Once it is granted, its term of a patent is 20 years from the Date of Filing.
Why is it Important?
Once you register a patent, apart from using the patent to prevent others from exploiting your invention, you can employ it to raise funds for your business, license it to third parties for commercial returns or sell the patented invention.