Do you have ideas and thoughts on how something can be done better or have you created something that has never been made before? A patent protects your invention.
Patents protect inventions, not ideas.
- “Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvements thereof, may obtain a patent” 35 USC § § 1 et seq.
- There are only three articulated exceptions to subject matter eligibility: “laws of nature, physical phenomena, and abstract ideas.”
Invention or Idea?
By invention rather than idea we mean that a patent application’s disclosure must teach how to make and use something. The thought to make a plank float six inches above the ground is an idea; the description of the mechanics of how to build a hoverboard and make it float are an invention.
How a Patent adds Value to your business?
A patent grants its owner the right to exclude; owner has a monopoly over the invention for 20 years from the date of filing (this may be extended due to delay on the USPTO’s part). It allows you a leg up on your competition, they cannot make, use or sell the invention covered by your patent. If they do you can sue them for infringement. You do not have to make the invention to monetize a patent, as a patent can be sold or license out like any other piece of property.
IMPORTANT TIP: If you have an invention DO NOT disclose it or make it public without speaking to a patent attorney. Failure to properly protect your rights prior to disclosing it or making the invention publicly may negatively affect your rights in a future patent.
Phase 1: For utility applications, provisional or non-provisional, we generally suggest to start off with a point of novelty (new) search. This search helps us to determine what, if anything, may be patentable, and whether the invention has already been disclosed in a patent or a patent application by someone else. The search helps you make an informed decision if investing in a patent application is a wise decision from a business and economic standpoint. Should it be patented?
Phase 2: For the preparation and filing of a patent the point of novelty search of Phase 1 assists us in drafting the application and we believe ultimately results in a much stronger more valuable patent application that will usually reduce the overall cost of obtaining the patent.
Phase 3 Prosecution: We use the search of phase 1 and the preparation and drafting of phase 2 to limit lost value in the patent while prosecuting the application before the USPTO.
Phase 4 Monetize your Patent: Either you go out make, use, or sell the invention yourself; license it to others to make, use and sell, assign (sell) the rights in the invention, or your sue others that are making, using or selling the invention without your permission.
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The information contained in this article is for informational purposes only and is not legal advice or a substitute for obtaining legal advice from an attorney.
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