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Patent

Patents provide a monopoly to the patent holder on the right to use, make, or sell an invention for a period of time in exchange for the patent holder’s making the invention public. During the life of the patent, the patent holder can, using civil litigation, exclude others from leveraging the patented invention. Obviously, for an invention to be patented, it should be novel and unique. The length that a patent is valid (the patent term) varies throughout the world, and by the type of invention being patented. Generally, in both Europe and the United States the patent term is 20 years from the initial filing date. Upon expiration of a patent the invention is publicly available for production.

Learn by Example

Velcro
A quick example that illustrates patents and patent terms as well as trademarks is found in Velcro. Velcro, which is a particular brand of small fabric-based hook and loop fastener, was invented in Switzerland in 1941 by George de Mestral. Expecting many commercial applications of his fabric hook and loop fastener, de Mestral applied for patents in numerous countries throughout the 1950s. In addition to seeking patents for his invention, de Mestral also trademarked the name Velcro in many countries. In 1978 the patent term for de Mestral’s invention expired, and small fabric-based hook and loop fasteners began being mass-produced cheaply by numerous companies. Though the patent expired, trademarks do not have an explicit expiration date, so use of the term Velcro on a product is still reserved for use by the company de Mestral started.