Patents are a critical tool for businesses and inventors in the protection and commercialization of innovations. They encourage investment in research and development by providing a temporary monopoly as a reward for innovation, thus playing a crucial role in the modern economy. The following are key points about Patent Rights.

What Patent Rights Convey:

1. Exclusivity: A patent gives the holder the exclusive right to prevent others from commercially exploiting the patented invention for a limited period, typically 20 years from the filing date of a U.S. patent application. This exclusivity means that no one else can make, use, sell, or import the invention without the patent holder's permission.
2. Right to License: The patent holder can license the rights to the invention to others, usually in return for royalties or a lump sum payment.
3. Right to Enforce: If others infringe on the patent, the patent holder has the right to take legal action to stop the infringement and to seek compensation.

Who Holds Patent Rights

1. Inventors: Initially, Patent Rights are granted to the inventor or inventors of a new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof.
2. Assignees: The inventor can transfer their Rights to another person or company (assignee), who will then hold the Patent Rights. This is common in professional environments where inventors work for companies, and the Rights are assigned to the employer as part of an employment contract. This is a requirement for inventions derived from research at a University.
3. Successors: Patent Rights can be sold, inherited, or transferred, making any subsequent owner or licensee a holder of the Patent Rights.