The importance of granting monopolies for new inventions has been recognized in the United States since the adoption of the U.S. Constitution. In Article I, section 8, the U.S. Constitution:Congress shall have power . . . To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.Patents
A grant by the government permitting the inventor the right to exclude others from use of an invention for 20 years.You can think of patents as a legal monopoly.In terms of finance, patents are intangible assets and very valuable to certain companies.Patents
What Is a U.S. Patent?Set of exclusive rights.Granted by a government.For a limited period of time.In a limited geographical area.
1.Patentable Subject Matter in the U.S.Statutory Basis:35 U.S.C. § 101 A patent can be obtained for “any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof…”5