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Patents

A patent for an invention is the grant of a property right to the inventor, issued by the U.S. Patent and Trademark Office. Patent holders have the right to exclude others from making, using or selling the invention described in the patent deed. The intent of patents is to give the developer of a new product time to recover development expenditures and start-up costs without having to fight competition.

Eligibility
Patents cannot be obtained for inventions that have been publicly disclosed, are in use, or marketed in the United States for one year prior to the filing of the patent application. Secondly, a thorough patent search, preferably done by a professional, must be conducted to make certain that the applicant's idea hasn't already been patented.

Provisional Applications
Provisional applications are like temporary placeholders: they allow inventors to file inexpensively without a formal patent claim, oath or declaration. Once the application is filed, the applicant has one year to investigate the feasibility, marketability, patentability and potential licensee interest of the invention before deciding to file a formal patent application. Meanwhile, the term patent pending can be applied to the invention, and the inventor enjoys a calendar edge on other inventors who may file for the same invention.

Process and Duration
Once submitted to the U.S. Patent & Trademark Office, a valid patent application can take several years before being approved. Once approved, however, patents do not last indefinitely. The life of each depends on the type of patent and the filing date, and whether the owner pays maintenance fees:

• utility patents filed before June 8, 1995 are valid for 20 years from the filing date, or 17 years from date of issuance, whichever period is longer
• utility patents filed on or after June 8, 1995 are good for 20 years from the date of filing
• design patents are good for 14 years from date of issuance
• plant patents are valid for 17 years from date of issuance
• a patent may expire if its owner fails to pay required maintenance fees

Cost
The price of applying for a patent depends on a number of factors, and can range from hundreds to thousands of dollars. In addition, the cost of keeping an approved patent valid for its full term requires several thousand dollars in government fees alone. A 50% discount applies to small entities in certain conditions. Prices are subject to review each year, so visit the USPTO or seek a lawyer for current information.

Dangers
Once a patent has been approved, its content is placed in the public record. While the patent holder will enjoy exclusive use of the patented material for a limited number of years, its competitors will be able to review this material. For this reason, it may be wise to investigate if it can be protected under trade secret law.