In economics, invention refers to the development of entirely new technologies or methods of production, distinguishing it from innovation which focuses on improving existing technologies and methods.
A patent is a legal grant of exclusive rights provided by a government authority to an inventor or their assignee for a new and useful invention. The patent grants the holder the right to exclude others from making, using, or selling the invention for a certain period of time.
A Patent of Invention is a grant of rights provided by a government to an inventor, giving them the exclusive right to exclude others from making, using, selling, and importing the invention for a specified period, typically 20 years from the filing date of the patent application. This right creates a legal monopoly, enabling the patent holder to control the usage of the invention and potentially monetize it through licenses or sales.
The term 'Patent Pending' indicates that a patent application has been filed with the U.S. Patent Office and is currently under review. This status signifies that a patent search is being conducted to determine if the invention is new and patentable according to the law.
