Patents have a rich history dating back to the 15th century when the Venetian Republic granted exclusive rights to inventors. This concept spread across Europe and evolved, with the first U.S. patent law enacted in 1790. Patents provide inventors with exclusive rights to their creations, fostering a culture of innovation by incentivizing research and development. They play a critical role in driving economic growth by protecting intellectual property, enabling inventors and companies to invest in new technologies and products without fear of immediate imitation. This protection encourages the continuous advancement of technology and industry, fueling progress and competitiveness in the global market.
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