Patent

Definition: a Patent is a form of intellectual property. It is the legal term for a set of exclusive rights granted by a sovereign state to an inventor (or assignee) for a limited period of time, in return for the public disclosure of the invention.
An invention here means a solution to a specific technological problem (a product or process). Typically the invention has to be new and non-obvious.
The exact procedure, requirements and extent of the exclusive rights for a P vary between (inter)national jurisdictions.
Typically a P gives the right to prevent others from making, using, selling, or distributing the patented invention without permission.
In business, a P is an intangible asset.

More on patents. More on intangible assets: Business Simulation, Copyright, Goodwill, Human Capital, Innovation Capital, more...