patent

Vocabulary Word

Definition

A 'patent' is a legal document granted by the government that gives the inventor of a product or idea the exclusive right to make, use, and sell it for a certain period of time.

Examples in Different Contexts

In innovation management, obtaining a 'patent' is a strategic move to safeguard new inventions and technologies. An innovation manager might say, 'By patenting our latest technology, we can ensure a competitive edge in the market and potentially generate revenue through licensing.'

Practice Scenarios

Academics

Scenario:

My research team has made a significant discovery in gene therapy.

Response:

Fantastic discovery! It's vital we apply for a patent immediately to protect our research.

Tech

Scenario:

I think our latest software update includes some major advancements in AI techniques.

Response:

These advancements are impressive. It's crucial that we secure a patent to protect our intellectual property.