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A patent gives an inventor exclusive legal rights on his creation as well as on the process of manufacture that his invention would require. It has a significant role to play in the business world as it encourages novel ideas and innovations.

When a person creates a new thing that is unique and has commercial viability, he would not want it to be dishonestly used by others for their own personal benefit. However, it is usually difficult to safeguard your invention from all the unscrupulous people, as you might need to trust and disclose it to others for testing its viability and marketing prospects. In such cases, patent laws can help you safeguard your rights.

Patent laws enable the inventor to make exclusive use of the invention or the underlying process for a stipulated period and then permit the product or process to pass into the pubic domain where it can be used by anyone for any purpose. This enables the inventor to generate substantial returns on his efforts in a lawful manner and also to prosecute any person who is found infringing his rights over the invention or the process.

Another aspect that adds to the importance of patents is that they help the inventor license out his invention for a good return, as most licensees are interested in exclusive rights over a product. However, given the legal procedures involved in filing and being granted a patent, they are not necessary for products that are not quite unmarketable or are meant to be marketed for a very limited span.

The real importance of patents lies in cases where the inventor has put in a lot of effort and creativity to create a marketable product, particularly when a large scale production of that product is possible. Had such investments in terms of time and energy not been given legal protection, there would have been no incentive for people to come up with novel ideas and inventions.

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