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A patent grants an inventor exclusive legal rights on his invention and also for the process of manufacture that his invention would require. It plays a very important role in the commercial world by promoting new ideas and inventions.

When a person invests his time and energy and comes up with a commercially viable invention, he would not normally want others to take advantage of it. However, it is not easy to watch over each and every violation of your right over your creation as you might be required to talk about it in public for promotional purposes. It is in such cases that patent laws come into the picture.

Patent laws enable the inventor to make exclusive use of the invention or the manufacturing process for a stipulated span and then permit the product or process to enter into the pubic domain where it can be accessed by anyone for any purpose. This provides legal protection to the inventor, who can then make the maximum commercial gain out of his time and efforts put into the product before another person can take benefit of it.

Another factor that increases the importance of patents is that they help the inventor license out his invention for a profit, as most licensees are interested in exclusive rights over a product. However, given the legal procedures involved in filing and being granted a patent, they are not necessary for products that are not quite unmarketable or are meant to be marketed for a very small span.

The true significance of patents is reflected in a scenario where the inventor had to work diligently and use his expertise to create a unique product that has some commercial benefit and can be successfully produced on large scale. Had such investments in terms of time and efforts not been given legal safety, there would have been no incentive for people to come up with novel ideas and inventions.

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