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Entrepreneurship, Innovation, & Commercialization: Patenting

Commercialization

What is a Patent?

 A patent is a type of intellectual property*. It is a document that describes an invention and grants the holder the exclusive right to manufacture the invention in the country that granted the patent for a limited amount of time. In order for an invention to be granted a patent, it must be:

  1. novel or new (be the first in the world)
  2. useful (be functional and operative)
  3. non-obvious (not be obvious to someone skilled in that area)

Key Resources

You can self-register for Waterloo's Intellectual Property Literacy course on LEARN to understand the basics of intellectual property.

To register, login to LEARN > select Self-Registration > locate the Intellectual Property Literacy 01 course > select Register 

Why Patent?

You might patent your invention for several reasons: 

  • Exclusive rights: Patents provide you the exclusive rights to use and exploit an invention for a set amount of time (typically 20 years) from the date of filing. 
  • Strong market position: Through these exclusive rights, you are able to prevent others from commercially using your patented invention, thereby reducing competition and establishing yourself in the market as the pre-eminent player. 
  • Opportunity to license or sell the invention: If you chose not to exploit the patent yourself, you may sell it or license the rights to commercialize it to another enterprise for a profit. 

Where to Look for Patents?

Patents are usually filed first in their country of origin, and then filed in other countries as needed. For this reason, you may need to look in several search engines to ensure you've done a thorough search. However, many countries' patents are indexed through the World Intellectual Property Organization's PatentScope database, or through aggregators like Lens. 

How to Look for Patents?

The documents below provide useful instructions on how to search for patents, and how to read patent documents.