A patent is: “A government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time. Applications for patents are usually handled by a government agency. In the U.S. the United States Patent and Trademark Office handles application and documentation.” (source: Investopedia)
· may be granted in relation to an invention that is new, useful and not simply an improvement or variation on and existing idea or product.
· Exclusivity regarding commercial potential and profits are given
· Normally for a period of 20 years from the filing date.
· A patent is about exclusivity! It is defined by numerous sources as a
· collection of exclusive rights granted by a state or body,
· to an individual (or group),
· for a fixed period of time,
· in exchange for the regulated, public disclosure
· pertaining to certain details of a device, method, process or composition of matter (substance) (known as an invention)
· which is new, inventive, and useful or industrially applicable.
Globally speaking, these exclusivity rights center around the right to CONTROL, OR EVEN PREVENT others from making, using, selling, offering to sell or importing the claimed invention, idea or patent for a period of time. That much we have established. But it is also about more than that.
Claimed originality, source of origin and invention is guaranteed, secured and protected, which also means the profits, royalties and recognition goes where it belongs! WITH YOU – the owner of the ‘idea’. It becomes property of sorts. However, you also want to show your willingness and enthusiasm of sharing this ‘precious item’ with the general populace and broader society.
Going back to the root of the word used here, according to online sources (www.wikipedia.org), the term “patent” originates from the Latin word patere which means “to lay open” or make avaiable for and to public scrutiny.
Patents have a proud history and origin themselves. It stems from earlier practises and the ancient term letters, which originally denoted royal decrees granting exclusive rights to certain individuals or businesses bestowed for recognition, award and reward for their enjoyment and benefit.
Modern patent rights are like property rights of sorts. You are excluding others form making, using, selling, offering, or importing it for the duration of the patent. It is like reserving and exercising the right of exclusivity, by means of formal process!
You will be sharing your idea(s) with the general populace in exchange for the exclusive rights to be the inventor and one to bring it to market! Even this patent or new idea can be sold, licensed, mortgaged, assigned or transferred, or simply given away. The opportunities, promise, potential and profit seems endless! These processes can help you make our million, first and many to come! Channeling and funneling the potential
The Patent Process
Here is what you have to consider and effectively do, if you want to ‘register’ a patent of new idea:
· You have to give a full written description of the idea, innovation or invention
· It has to have enough detail to have others understand and grasp what it is, how it works and how it has to be made.
· It has to make sense from all perspectives, including their use and usefulness!
· Some call this a patent specification
· It may have drawings, diagrams, or figures that show how the invention is made and how it operates.
· You have to also specifiy in detail what your individual claims to innovation or idea actaully constitutes or is!
· This description or declaration will give due notice as to what you are potentially saying is your own.
This will contain the detail of the patent you are filing, in other works what exactly and precisely, as the idea, invention, innovation, product, service, or patent owner is. This in turn will secure the right to exclude others from making, using, or selling it for a period of time. This will form the real basis of evaluation of your ‘right’ or claim to fame and exclusivity.
· It states what is covered and what not.
· Each patent that is filed, might have many claims to it, covering lots of inventions.
· To take any legal effect, standing and acceptance, this patent application must meet the requirements of the national law related to patentability.
· ONLY The inventor themselves and/or legal counsel representing the inventor can apply for patents.
A patent is an exclusionary right. It effectively gives YOU the right to exclude others from infringing on the patent, it does not mean that you have FREE reign to exploit the patent. It might just be a slight variation or improvement on an exiting patent and will be filed accordingly.
Civil law protect and enables patent. You can take advantage by NOT having others utilize your idea for their own financial gain and advantage. Some patents can easily be declared by the court to be invalid, so doing your homework in every region that you file in, will also go a long way to protect your BEST iterest and ensure the widest, broadest and deepest coverage around.
All does not have to be lost or adverserial either! Patent licensing agreements are quite common as well. They are in true nature, effectively contracts that set out limited scope or rights, use and application with permission, protection against infringement. Most often technical companies will have various licensing agreements and cross-functional stipulations on what is allowed and what not. These cross license agreements allow for even faster to market products and innovation, so partnering up with the right party could definitely be to your benefit, if you legally protect your best interest as well.
Details about your invention and all protective measures claimed, and all accompanying documentation packages can easily be obtained and filled out. This will all help you learn about the process, what is involved and how best to make the most of your idea, with confidence in the marketplace. In some countries (like the US), inventors will not even have to build a prototype of their idea, product or invention BEFORE bringing it to market or pitching it to investors. You can also secure legal advice and representation to ensure smooth transition and procedural protocol, accuracy and completeness of documentation. Having someone familiar with the process on your side is crucial.
Compliance searches are done through and by the patent office as a next step. Objections are then handles as well through legal means and channels, allowing you to further shape, refine, clarify and correct, to assist you in successfully getting the patent. There will be some fees attached up-front for these and on-going costs for renewal and upholding of the patent can be expected and should be budgeted for annually.
A patent attorney is a valuable partner and asset to have in your million dollar idea process and outcome. These are typically specialist attorneys who help consumers and specifically inventors, obtaining patents. They represent your best interest with conifdence and specialist knowledge, expertise and competence, that you might not have!
Patent law and oppositions, protocol and documentation all become a breeze in the hands of an expert and you will not feel intimidated, demotivated or overwhelmed by the intricacies of the processes at all!
The titles patent agent and patent lawyer are also used in some jurisdictions. Getting the allies and partners you need to assist you in this million dollar idea and protective processes do not stop at legal counsel. There are many investors and interested markets out there to capitalize on.
GENERAL PATENT RESOURCES
UNITED STATES PATENT AND TRADEMARK OFFICE (USPTO) RESOURCES
PATENT SEARCH ENGINES & DIRECTORIES
WORLD INTELLECTUAL PATENT OFFICE (WIPO) RESOURCES