A patent is a government granted authority – essentially a license of ownership of an idea or other creative entity that is original, innovative and advances technology. Patents are granted for a set period of time, and are generally the sole right which excludes others from making, using or selling a similar invention.
Depending on the industry, the use and the originality of the invention, a patent could be worth from hundreds to hundreds of millions of dollars.
The patent process is often arduous – an inventor needs to prove that an invention has never been considered in the described form in the past – they must show previous attempts (called prior art) and explain why the new idea does not infringe on these older concepts. The examination process can be lengthy and require further proof, but once a patent is issued, it becomes a bona fide ownership of a commercial concept and has value. It can indeed be sold, leased or owners added via a Patent Assignment Recordation.