ABSTRACT
In this chapter, we cover the general and specific aspects of “patents.” First, we outline the general concept of the patent, and then include the operational definitions of patents in the intellectual property rights systems of the United States of America, European Union, China, and India. Second, we explain why individuals seek patents, such as—to protect inventions and innovations, strengthen product or service offerings, protect new venture creation, and license/sell to create personal wealth. Third, we differentiate how companies seek patents for complex business objectives, such as—to deliver high returns on investment to shareholders and investors, achieve competitive advantage, strengthen the ability to raise capital, create an alternative revenue stream, test a new business idea, achieve higher valuation of the firm, and enforce patent rights. Next, we detail specific aspects of patents, such as—patentable and non-patentable subject matter, terms of patent protection, similarities and differences in patents granted by various patent regimes, substantive standards of patentability (new, useful, and non-obvious), and claims for patent protection. Finally, we describe patent ownership, patent information, patent search, patent landscaping, national and international patent application procedures, and patent infringement.
