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PATENT
A patent is a form of intellectual property. A patent gives its owner the right to exclude others from making, using, selling, and importing an invention for a limited period of time. An invention relating to a product or a process that is new, involving an inventive step and capable of an industrial application can be patented in India.
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BENEFITS OF PATENT
When an inventor or startup is seeking capital for an idea, they may disclose their invention to potential investors and licensees. It is important to patent the idea before taking this step to prevent someone else from stealing the idea and filing a patent application first
Filing a patent gives the inventor a legal monopoly on selling, using, making, distributing, importing, or exporting their creation for a specified time period. This keeps others out of the market for the invention
If an inventor has an idea that infringes on a competitor's patent, they may seek a patent anyway to prevent the competitor from improving the product
BASIC REQUIREMENTS OF PATENT
The invention should be new and not disclosed to the public anywhere in the world in any form or through any medium
The invention should not be obvious to a person skilled in the art in the relevant area of technology and should involve an inventive feature which is distinctive in nature from the previous inventions made in the same field
The new product or process should be capable of being made or used in an industry and it should have economic significance
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