7 REASONS WHY YOUR HIGH-TECH COMPANY NEEDS PATENTS Patent Law Firm
To obtain patent protection for your invention, the inventor must provide a detailed explanation of how it works. In fact, every time a patent is granted, the amount of technological information freely available to the general public increases. If you’re creating technology with strong business potential, developing a patent portfolio to protect your investment can be worth the time and cost. An appropriate patent filing strategy will balance the cost of seeking patent protection with your current budget and expected long-term business goals. High-tech innovations often have a long-term impact in different markets, which you can take advantage of to maximize your revenue streams. If you develop technology for one industry, the technology may also have applications in another industry, and broad patent rights may provide a basis for licensing the technology to companies in the other industry.
I would recommend Albright IP to anyone who wants to patent an invention. Often, the holder of a patent portfolio may have a technology that is commercially coveted by others, who in turn may own a patent portfolio for another technology of interest to the first patent holder. Patent protection can become a valuable business tool and an important investment in technology for many companies. Any business can have a good technology or invention worth protecting, which can be an essential and invaluable asset. Understanding what patent rights can provide can be vital and crucial to business success. Moreover, abroad, the “first to file a patent” will prevail in a dispute between inventors, while in the United States the “first to invent” wins, if the patent application is filed within the one-year period.
Alternatively, patent systems and processes that allow the company to realize cost savings can help companies compete on price, for example, by forcing competitors to participate in more expensive solutions. Here, XYZ was fortunate that the target company failed and could not afford to enforce its patent. If a better-funded competitor owned the patents in question, XYZ might have been forced to change some of its long-established processes. This may have had a negative impact on the quality of products and services, or perhaps even led to XYZ abandoning some of its successful products. Patent rights allow the inventor to exclude others from copying and commercially using his covered invention.
As is often the case with smaller companies (and early-stage companies), inventors also managed operations, sales, and customer retention for the company. In the end, they could not put enough time and energy into providing the necessary details for a patent application. Sometimes people who are new to patents try to file their own patent applications.
A patent applicant in the United States has up to 12 months after an invention is made public to apply for patent protection. In addition, you can file a provisional patent application, which does not always publish the claimed elements of the covered invention. As such, there is a 24-month period during which a patent investigation will not reveal the information necessary to determine whether there is a state of affairs that would block the issuance of patent rights. A USPTO patent examiner has more access to pending patents than a patent seeker. As such, this makes it even more difficult to rely solely on preliminary patent search results.
As such, you’re much less likely to receive the same quality of results as you would receive from a company with a solid reputation and English-language search engines. Obtaining patents for innovations throughout the operation of the business can help companies maintain a competitive patent lawyer advantage, even for companies that are late with the game in terms of patents. This can be particularly useful when developing or launching new product lines or new versions of existing products. Promising exclusivity can help companies charge a premium for their services.
In this way, the patent system is designed to balance the interests of inventors and the public. Patent examination is the only way to determine if your invention has been made public. This information is extremely important when drafting the patent application. Knowing the state of the art in the field allows you to draft your patent to focus on unique combinations of elements or alternative methods to perform the useful function of the invention. This process can also provide you with the information needed to determine whether you should attempt to patent the invention. If you can’t obtain patent rights, it can be strategically advantageous to forgo the patent application and focus on trademark efforts or other methods to create a competitive advantage.
In addition, the combination of elements claimed in a certain way to produce a new feature can lead to the issuance of patent rights that would otherwise conflict with existing inventions. As such, knowing what state of the art exists is half the battle when developing a patent application. Patent 300 companies® rely on Harrity Patent Analytics services to better understand their own patent portfolios, those of their competitors, their key technology areas, and to track trends in patent offices around the world. Therefore, inventors or companies who want to protect their technology in foreign markets must apply for patent protection for their new technologies in those countries. In addition to recognizing and rewarding inventors for their commercially successful technologies, patents also inform the world about inventions.
This experience has also prompted XYZ to review the patenting of some of its own innovations. Now that a few years have passed, the window to protect their previous innovative solutions was over. However, XYZ is constantly innovating and improving its systems and processes to deliver new and improved products and services. By granting such rights, patents provide incentives to innovators, recognising their creativity and allowing them to appropriate the return on their investment.
Millions of products have been invented and commercially used in the United States. In the United States alone, more than 10,000,000 patent applications have been filed. Of course, you need to do a thorough search for the current market to determine if your invention is already being used. It may be that previous inventors went through the process of applying for patent protection but did not have the means to proceed with the production and commercial employment or distribution of their invention. As such, your patent application may still fail and you run the risk of infringing another inventor’s patent, even if the covered invention has never been made public.