Are inventors creating a monopoly?

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Are inventors creating a monopoly? Video Transcript

Are inventors creating a monopoly through the patent system that is stopping the whole world from doing anything without licensing their patents? No, but people that invent and create want to make money from their ideas. There needs to be an incentive system in place and that is what the patent system does. It provides incentives so that innovation can occur. People can innovate and create things and make money from their creations and not have it stolen from them. That is the main goal of the patent system. It is not to create monopolies but it is rather to create incentives for innovation. These limited monopolies that are granted with the patents are restricted to what the claims say and it is primarily a tool for allowing inventors and businesses that innovate to make money with their creativity and particularly that creativity that translates to useful products that change the world and help others. So that is the main goal. It is not to create monopoly rights. Monopolies are created a lot of different ways but not necessarily the patent system. The patent system is a reward system to encourage innovation.

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