| A company or person who invents something new | | | | a source to sustain the competition. |
| would like to be the sole owner of the invention. | | | | Getting a patent is not an easy task. As soon as the |
| Since it is their 'original idea' they want to reap the | | | | inventor decides to launch a product, he or she may |
| benefits and profits. This is applicable on everything | | | | begin to check for the patented products. After |
| from the designs, trademark or brand names, | | | | ensuring the innovative quality and characteristics of |
| copyrights and so on. These 'ideas' are collectively | | | | the product, he or she files a patent application. But |
| called intellectual property. It is not easy to protect | | | | often the application gets rejected because of the |
| these 'ideas' until and unless the government | | | | inability to prove the worth or 'new and different' in |
| intervenes. That is, the government ensures | | | | the invention. Hence they hire an experienced, expert |
| 'protection' by issuing various intellectual protection | | | | patent attorney. The patent attorney will study the |
| rights. One such intellectual protection right is that of | | | | pros and cons of the product. He or she will check |
| patents. | | | | for similar products and any already filed patent |
| Patent is a government license or legal protection | | | | rights. The attorney goes about with the patent |
| issued by the government. It gives a person who has | | | | application once a convincing, thorough investigation is |
| invented a product or thing the sole right to make, | | | | done on the 'idea' or 'product'. The attorney gets only |
| use or sell it. The individual is the sole authority to | | | | the contingent amount as fee for the Patent |
| produce it and bring or make changes to it with time. | | | | Litigation. There are very few companies that help |
| He or she can sue anybody who tries to use any | | | | with Patent Litigation Financing by giving funds as a |
| technology to create the same product. A patent is | | | | non-recourse settlement. In fact, it is found that the |
| bound by geographical area. A patent issued to the | | | | companies are more interested in patent infringement |
| person or the inventor helps to recover the cost | | | | litigations, as the recovery chances are relatively |
| involved in the making of the product. It also acts as | | | | better. |