• Exclusive rights: Patents provide you with an exclusive right to prevent or stop others from commercially exploiting an invention for twenty years from the date of filing of the patent application.
• Return on investments: Having invested a considerable amount of money and time in developing innovative products, through exclusive patent rights, you may be able to establish yourself in the market as the pre-eminent player and to obtain higher returns on investments.
• Opportunity to license or sell the invention: If you choose not to exploit the patent yourself, you may sell it or license the commercialization of the patented invention to another enterprise, which could then be a source of income for your company.
• Increase in negotiating power: If your company is in the process of acquiring the rights to use the patents of another enterprise through a licensing contract, your patent portfolio will enhance your bargaining power. That is to say, your patents may prove to be of considerable interest to the enterprise with which you are negotiating, and you could enter into a cross-licensing arrangement where, simply put, your enterprise and the other agree to license respective patents to each other.
• Positive image for your enterprise: Business partners, investors and shareholders may perceive patent portfolios as a demonstration of the high level of expertise, specialization, and technological capacity within your company. This may prove useful for raising funds, finding business partners and raising your company’s market value.

• A patent gives you the right to stop others from copying, manufacturing, selling or importing your invention without your permission.
• You get protection for a pre-determined period, allowing you to keep competitors at bay.
• You can then use your invention yourself.
• Alternatively, you can license your patent for others to use it or you can sell it. This can provide an important source of revenue for your business. Indeed, some businesses exist solely to collect the royalties from a patent they have licensed – perhaps in combination with a registered design and trademark.

What can be patented?

Utility patents are provided for a new, nonobvious and useful:

• Process
• Machine
• Article of manufacture
• Composition of matter
• Improvement of any of the above

Note: In addition to utility patents, encompassing one of the categories above, patent protection is available for (1) ornamental design of an article of manufacture or (2) asexually reproduced plant varieties by design and plant patents.

How much does it cost to get a patent?

There are three basic fees for utility patents:

• The filing fee, which is non-refundable whether or not a patent is granted. (This is the cost to have your invention “examined” by the US Patent and Trademark Office – remember, you may or may not get a patent!)
• The issue fee (you pay this only if your application is allowed)
• Maintenance fees (paid at 3 1/2, 7 1/2, and 11 1/2 years after your patent is granted – these fees “maintain” your legal protection).
• Additional fees may be required.

You are strongly advised to check the current fee schedule before submitting your application.

Copyright vs. Patent?

Patents are often used in the manufacturing and scientific industries when there is an invention of a new process, machine, or design. Generally, a patent is an intellectual property right granted by the U.S. Patent and Trademark Office that, for a limited period of time, protects that invention and gives the owner the right to exclude others from making, using, offering for sale, selling, or importing the invention. Unlike patents, a copyright protects original works of authorship that are fixed in a tangible format.