A patent for an invention is the grant of a property right to the inventor, issued by the federal agency charged with administering patent laws, the U.S. Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. US patent grants are effective only within the US, US territories, and US possessions.
The Minnesota License of Rights under Patent is a legal document granting an individual or entity specific permissions regarding the usage and exploitation of patented inventions or innovations within the state of Minnesota. This license establishes the terms and conditions under which the patent owner allows others to utilize, manufacture, sell, or profit from their patented technology. The license can be categorized into two primary types: 1. Exclusive License: An exclusive license of rights under patent in Minnesota grants the licensee complete exclusivity to use the patented technology within the state. With this license, the patent owner relinquishes their rights, preventing themselves and any other parties from using or commercializing the invention within Minnesota. This type of license provides the licensee with a unique competitive advantage, as they have no competition within the region. 2. Non-Exclusive License: A non-exclusive license of rights under patent allows multiple licensees to utilize the patented technology simultaneously in Minnesota. In this case, the patent owner still retains the right to use and grant licenses to other parties for the same invention within the specified region. Non-exclusive licenses are advantageous when the technology has potential applications across various industries, and the patent holder wishes to maximize its usage and market reach. Keywords: Minnesota, License of Rights under Patent, patent, patent owner, patented inventions, exclusive license, non-exclusive license, usage, exploitation, technology, manufacture, sell, profit, permission, terms and conditions, competitive advantage, commercialization, licensees, region, market reach.
