The patent is an intellectual property and is considered to be an intangible asset which can impact the fiscal growth and enhances the market value of a business and even helps to raise finance. Patent rights are an exclusive right granted and given to the inventor by the government in recognition for his new invention and which becomes a solution for a technological glitch.
A patent is a legal document that defines exclusive rights which the inventor can opt for the right to make, use and sell his or her creation for a specified period of time. In a typical sense, the basic idea of having a patent right to the inventor is to encourage them to safeguard their creation.