Definition
Government-granted monopolies that reward inventors with exclusive rights to profit from their innovations, or alternatively, legal weapons that companies stockpile to sue each other into oblivion. These intellectual property instruments theoretically encourage innovation but frequently just enrich patent trolls and lawyers. The patent system protects everything from life-saving drugs to the rounded corners on smartphones, with approximately equal enthusiasm.
Example Usage
The tech giant's portfolio of 50,000 patents serves less as innovation protection and more as a mutually assured destruction deterrent.
Source: Legal terminology via Free Dictionary API
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See “patents” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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