windyMagician
19:23
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
incentive-to-design-around theory
Read a random definition: correction
A quick definition of incentive-to-design-around theory:
The incentive-to-design-around theory is a concept in patents that explains why it's important to grant patent rights. It suggests that by giving someone a patent, it encourages others to come up with better or cheaper substitutes and improvements. This theory is different from other incentive theories like the incentive-to-commercialize theory or the incentive-to-invent theory.
A more thorough explanation:
The incentive-to-design-around theory is an economic theory that justifies the granting of patent rights. It is based on the idea that patents encourage others to design substitutes and improvements that are better or cheaper.
For example, if a company holds a patent for a particular product, other companies may be incentivized to design around the patent by creating a similar product that does not infringe on the patent. This competition can lead to better and cheaper products for consumers.
The incentive-to-design-around theory is one of several theories that support the granting of patent rights. Other theories include the incentive-to-commercialize theory, the incentive-to-disclose theory, and the incentive-to-invent theory.
incentive-to-commercialize theory | incentive-to-disclose theory