Sarah Fosters Stone Remover Divice Case

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Malawi University of Science and Technology Malawi Institute of Technology Technology Commercialization ASSIGNMENT From: ROE YESAYA ZENENGEYA To: MR. C. CHIGWE PATENTS, POWERFUL BUSINESS TOOLS Generally, a patent gives exclusive rights to inventor and owners to allow them exclude others from making, using, selling, offering for sale, importing or exporting the inventor’s invention. Mostly, in technology based economies, patents have become powerful and indispensable business tools. This paper therefore, explains the powerful role patents play in business. i) Patents keep others out of the market. To a business entrepreneur, this fundamental attribute of patents of excluding all others from commercial production and selling of patented inventions, is a powerful protection from the proliferation of competitors in a specific business territory. Depending on the market, excluding competitors from direct competition can be extremely valuable (Inventor Basics, 2011). This attribute gives the inventor business monopoly which is likely to lead him to tremendous growth. Patents are also powerful tools to small business entrepreneurs who cannot stand the capacity of some big companies. If it were not for the protection of patents, big companies, with their robust capacity, would surpass the small business entrepreneurs in speed and cost of production and thereafter suppress them completely. However, the excludability that patents impose on non owners of the inventions does not see capacity. This helps small business entrepreneurs to practice their own inventions while big companies remain hands-tied. ii) Revenue from licenses, sale or infringement. Licensing ones technology to others is another good way of making money. There are a number of technology inventors and owners who do not go into commercial production but

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