Role of patents
Patents play a specific role within the overall scheme of intellectual property protection. Intellectual property being the broad overarching term to describe the property rights of the mind including patents, trademarks, copyrights and trade secrets. To find out more, click here.
Benefits of patent proteciton
Patent protection provides many benefits to the patent owner. The primary benefit being that the patent owner can stop others from making, using, selling, offering for sale or importing the invention. Potentially, the patent can provide a monopolistic type of right in that if the patent protection is broad enough, then the patent could effectively drive out other competitors from the market space. To find out more, click here.
Process of securing patent protection
The process of securing patent protection is a long and costly endeavor. It could take as little as a few months or years. Each step along the way provides its own sets of challenges. To find out more, click here. Moreover, there are pitfalls should one choose to delay the filing of a patent application till after the start of marketing. To find out more, click here.
Engaging others and their problems
The people that are involved in making money with patents may include outside independent contractors, co-inventors and third party investors. Each set of individuals brings a new set of challenges. Co-inventors can take the invention without remuneration to the other inventors. Third party contractors can retain patent rights unless assigned to the business. To find out more, click here.
Eligibility for patent protection
Most inventions qualify for patent protection. Any invention that is useful qualifies for patent protection. U.S. patent laws state that any new and useful process, machine, manufacture and composition of matter or improvement thereof qualifies for patent protection unless the subject matter is directed to a phenomena of nature, mental process or abstract idea. To find out more, click here and here.