US patent protection is critical in order to protect your invention. This article discusses the many reasons why filing for a patent application sooner rather than later is so important.
A patent is one of the many forms of intellectual property (patents, trademarks, copyrights, trade secrets). Intellectual property or “IP” is about protecting “intangible” things, i.e. “intellectual” things or things of the mind. This is compared to “real” property which is about real estate. To break it down simply, patents protect inventions, like that new kitchen gadget, the novel online software, or unique medical device for example that an inventor has created. Trademarks protect the name or logo of the invention, typically for branding purposes, for example Nike is the trademark for their shoes. But Nike may have several patents that protect some of their novel shoe designs.
So why is getting a patent important? For several reasons. First, if you are a small inventor and you want to pitch your invention to companies, distributors, or investors. A primary concern is how you can protect the invention, and what will prevent others from stealing the idea. Protection of your invention boils down to two things, patent protection and/or a nondisclosure agreement (NDA). An NDA is a contract between the inventor and another party that forces the other party not to disclose to others what you are disclosing to them. But the problem with NDAs is that they are often ambiguous as to what is being disclosed and typically many companies will refuse to sign your NDA at all. Further, the NDA is only as good as the other person that signs it.
Patents in contrasts can be a much stronger right that allows the patent holder to sue infringers in court and to seek an injunction and damages, and in some cases of willfulness infringement, triple damages.
Further, an issued patent is a defined piece of property that you can sell in its entirety, or that you can license to allow other people the right to use what the patent is protecting. When you grant others a license you can receive patent royalties which can be very lucrative if negotiated properly. Another consideration is if you own a business that has issued patents and or other intellectual property like trademarks, it can greatly increase the value of the business if you ever intend to sell it or attract investors.
Other considerations, for marketing purposes having a “patented” product, or even a “patent pending” product adds so much credible to the company and the product or service itself in the mind of many consumers.
Lastly, you must have a patent in many cases if you want to sell you invention, particularly to larger companies. For example, many large companies have invention submission departments, but they will not even consider your idea and will actually return you idea to you if you do not have either an issued or pending patent. GM for example often will reject any new idea form outside the company if there is no patent in place.
If you are at the stage where you are ready to move forward for patent protection, make sure it is done properly by a competent and licensed patent attorney.
ABOUT THE AUTHOR: Michael N. Cohen, Esq.
Mr. Cohen is a licensed licensed patent attorney with offices located in Los Angeles and Orange County.
Copyright Law Office of Michael N. Cohen, PC
More information about Law Office of Michael N. Cohen, PC
So why is getting a patent important? For several reasons. First, if you are a small inventor and you want to pitch your invention to companies, distributors, or investors. A primary concern is how you can protect the invention, and what will prevent others from stealing the idea. Protection of your invention boils down to two things, patent protection and/or a nondisclosure agreement (NDA). An NDA is a contract between the inventor and another party that forces the other party not to disclose to others what you are disclosing to them. But the problem with NDAs is that they are often ambiguous as to what is being disclosed and typically many companies will refuse to sign your NDA at all. Further, the NDA is only as good as the other person that signs it.
Patents in contrasts can be a much stronger right that allows the patent holder to sue infringers in court and to seek an injunction and damages, and in some cases of willfulness infringement, triple damages.
Further, an issued patent is a defined piece of property that you can sell in its entirety, or that you can license to allow other people the right to use what the patent is protecting. When you grant others a license you can receive patent royalties which can be very lucrative if negotiated properly. Another consideration is if you own a business that has issued patents and or other intellectual property like trademarks, it can greatly increase the value of the business if you ever intend to sell it or attract investors.
Other considerations, for marketing purposes having a “patented” product, or even a “patent pending” product adds so much credible to the company and the product or service itself in the mind of many consumers.
Lastly, you must have a patent in many cases if you want to sell you invention, particularly to larger companies. For example, many large companies have invention submission departments, but they will not even consider your idea and will actually return you idea to you if you do not have either an issued or pending patent. GM for example often will reject any new idea form outside the company if there is no patent in place.
If you are at the stage where you are ready to move forward for patent protection, make sure it is done properly by a competent and licensed patent attorney.
ABOUT THE AUTHOR: Michael N. Cohen, Esq.
Mr. Cohen is a licensed licensed patent attorney with offices located in Los Angeles and Orange County.
Copyright Law Office of Michael N. Cohen, PC
More information about Law Office of Michael N. Cohen, PC
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