Patented inventions have touched every walk of human life, from electric bulb, rubber, tire, telephone, radio, video, camera etc.
Patent offers a number of advantages such as:
- Patent provides incentives to individuals by giving them recognition for their creativity in the form of inventions.
- Individuals are rewarded for their inventions.
- The publication of patent and patent application helps in spread of new knowledge and motivate others to carry on innovation activities.
- The publicly available knowledge can be used by many people simultaneously.