True or False: Patents grant inventors the right to exclude others from making, using, or selling their invention for a limited time.

Patents are legal rights granted to inventors that allow them to exclude others from making, using, or selling their invention for a limited period, typically 20 years from the date of filing. This exclusivity incentivizes innovation by enabling inventors to potentially recoup their investment in research and development without the risk of immediate competition. The key aspect of a patent is that it provides the inventor with a temporary monopoly on their invention, which can be a powerful motivator in advancing technology and creativity.

The essence of a patent lies in its ability to protect the inventor’s intellectual property, thus ensuring that they can commercialize their invention without interference from others who may attempt to use it without permission. This legal framework supports not only individual inventors but also fosters industry-wide advancements by encouraging the sharing of ideas through the patent system.