Definition - What does Patent mean?

A patent is a license issued by the government to an individual or business that gives exclusivity to them to produce a product without allowing a reproduction by a competitor to legally enter the market.

Patents are given to inventors who create a product that was not previously in commercial use and that does not already have a patent on it.

Justipedia explains Patent

When an inventor creates a product that was never patented before, they have a right to enjoy the fruits of their labor for a set time before worrying about competitors creating similar products to attempt to take any market share.

A patent can have a life span of up to 100 years.

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