what is a patent 
a patent is the granting of a property right by a sovereign authority to an inventor this grant provides the inventor exclusive rights to the patented process design or invention for a designated period in exchange for a comprehensive disclosure of the invention they are a form of incorporeal right government agencies typically handle and approve applications for patents in the united states the u s patent and trademark office uspto which is part of the department of commerce handles applications and grants approvals understanding patentsmost patents are valid for 20 years in the u s from the date the application was filed with the uspto although there are circumstances where exceptions are made to extend a patent s term u s patents are only valid in the united states and u s territories if seeking protection outside of the united states it is important to research the intellectual property rights of other nations and apply for protection with their governing authorities according to the united states code a patent can be granted to types of patentsthere are three types of patents available in the united states utility patents design patents and plant patents each has its own specifications and durations a patent can also be pending indicating that the inventor has begun applying for a patent utility patents or patents for invention issue legal protection to people who invent a new and useful process an article of manufacture a machine or a composition of matter utility patents are the most common type of patent with more than 90 of patents issued by the u s government belonging to this category 2 a utility patent lasts for 20 years from the date of filing as long as maintenance fees are paid 3 maintenance fees are surcharges applied to utility patent applications filed after dec 12 1980 4design patents are patents issued for original new and ornamental designs for manufactured products design patents protect the design or look of something they require the invention to which the design belongs to be original 5 design patents last for 15 years for applications filed on or after may 13 2015 for applications filed before may 13 2015 patents last for 14 years from the date of the filing maintenance fees do not apply to design patents 6plant patents go to anyone who produces discovers and invents a new kind of plant capable of reproduction these patents are granted for 20 years from the date of filing and no maintenance fees apply 6patents provide an incentive for companies or individuals to continue developing innovative products or services without the fear of infringement for example large pharmaceutical companies can spend billions of dollars on research and development without patents their drugs and medicines could be duplicated and sold by companies that didn t research or invest the needed capital for r d in other words patents protect the intellectual property of companies to help their profitability however patents also serve as bragging rights for companies demonstrating their innovativeness 