Quinn, IP Watch Dog President & Patent Attorney, 17

Before we get ahead of ourselves, allow me to define the term monopoly so we are all on the same page. “Monopoly: exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.”

Therefore, when there is no market there can never be a monopoly because you cannot be in exclusive control of a non-existent market, and you cannot manipulate prices when no one is willing to buy what you are offering. Indeed, the truth is that the vast majority of patents, upwards of 90% of patents (perhaps as high as 98% of patents) will result in rights being granted to cover a product or service that will not be commercialized at all, or if commercialized will lose money because too few people are interested. That doesn’t really sound like a monopoly, does it?

It is critical to remember what rights a patent conveys. A patent only gives the patent owner the right to exclude others from making, using, selling and importing. A patent carries with it no expectation for market success. Granted, if the product does have a market a patent can be a significant barrier to entry into that market, which insulates the patent owner from competition, but a patent in and of itself does not guarantee business success.

At best a patent only dangles the opportunity to achieve monopoly profits. This is due to the exclusive nature of the rights obtained and the ability to be the only entity in the market. Again, a market is necessary pre-requisite, which means a product or service that people are willing to pay for is a mandatory requirement. In the absence of a product that people want, and the business acumen to capitalize on such a market opportunity, a patent will not result in riches.