August 14, 2023
The basics of patents explained
Patents have been instrumental since the Industrial Revolution for stimulating innovation by providing entrepreneurs with a time limited exclusivity on their inventions, allowing them the opportunity to make a return on their original investment. The inventors must fully disclose their innovations to the public, and once the exclusivity period expires the invention is free for all to use. The patent system is still used by large and small entities or individuals to protect and monetize their intellectual endeavors.