We all hear the word "patent" thrown around a lot in the media and in advertising, but what is a patent anyway? What is it's purpose, and what are the guidelines for getting a patent?

Well, let's say that you have invented a new product or process that has never been done or produced before. If you don't have that new invention patented, someone else who is a shrewd businessperson can come along, realize the potential of your invention, and market and sell it instead of you. So in that case the rewards for all the hard work and talent that went into the production of this new process or product can be lost forever if you haven't seen the need to file for a patent.

So what is a patent anyway? Basically it is a government right that excludes anyone else from using, making, or profiting from your invention in the country that the patent was issued. In the United States a patent has a lifetime of 20 years. That means that for 20 years you have the sole rights to either produce or license your product or idea for sale in the US.

If you happen to be a good businessman, you may actually manufacture your own product yourself, but if not, you can license it to others who know how to bring it to the public successfully and you will be paid every time that your product is sold, or your idea is used in a profitable sale.

This encourages new inventions, as you can imagine how discouraging it would be to invent something and then have it stolen away by someone else who then markets it and makes the money from your great invention instead. With patent laws in place, inventors can rest assured that if they file appropriately they will be the only ones who profit from their invention for quite a long time.

So if you have a great invention or idea in mind, make sure that you protect yourself financially by filing for and getting a patent on it.