Protecting your unique ideas and inventions is crucial in today’s highly innovative and competitive world. One of the most profitable and effective ways is through an intellectual property right called a patent. Patents are a form of incorporeal property, meaning they are intangible and cannot be seen or touched, but nonetheless are recognized as property which can be used and even sold.

Key Features of Patents

• A patent is a legal document and right granted by a government authority of a country, exercisable within its territorial jurisdiction. Accordingly, a patent is enforceable as a right only within the territorial jurisdiction of the country granting the patent. For example, the owner of a United States patent can only stop others from making the invention in the United States. Thus, inventors are required to file separate applications for a patent in each of the countries and jurisdictions where they want to protect their invention.
• A patent provides inventors with exclusive rights to their inventions for a certain period, ensuring that their innovations are protected from unauthorized use. This exclusionary right is crucial for protecting the inventor’s market share and potential revenue. It allows the inventor to be the only person who can make, use, or sell the invention during the patent period. If others want to make, use, or sell the invention, others will need to pay the inventor for the right to do so.
• A patent lasts for a limited time and is given only in exchange for the inventor’s disclosure of how the invention works. The inventor must clearly teach the world how to make the invention to be considered for a patent. This disclosure allows others to improve on the invention and make even better inventions to benefit society. After a patent expires, anyone is free to make, use, or sell the invention.
• Obtaining a patent in a particular jurisdiction requires submission of an application for a patent that provides a detailed description of the invention while fulfilling the various procedures and practices of the patent office. Every country’s patent office has slightly different application requirements, but they all require providing a written description of the invention along with claims that provide a defined scope of how much protection is being sought.
• The cost to obtain a patent will vary depending on the complexity of the invention along with the cost of legal assistance from patent attorneys and patent agents, and maintenance fees required to be paid periodically to keep a patent in force.

The features and requirements of patents will vary amongst patent offices across the globe. To address the complex nature of the patent application process, work with patent attorneys and patent agents when drafting and submitting your patent application.

Importance of Patents

• Patents play a vital role in encouraging innovation by providing inventors with exclusive rights to their inventions. Such exclusivity provides inventors and businesses to recuperate their investments in research and development, and funding further innovation.
• Patents are a significant source of revenue for inventors and businesses. Patents can be assigned or sold, or licensed, either exclusively or non-exclusively, providing a means of return on investment and funding for further innovation and projects.
• Holding a patent can provide a competitive edge in the market. A patent can be successfully used to prevent competitors from copying the patented invention that could dilute the market presence of the inventor allowing establishment of a strong market position.
• Patents can be used as a legal tool to prohibit and punish infringers for unauthorized use of the inventions. The infringer may be directed to stop such unauthorized use along with compensating the patent holder.  

Practically, this means that the patent holder can take legal action against anyone who infringes on their patent rights. This legal protection is essential for maintaining the integrity of the invention and ensuring that the inventor benefits from their innovation.

Types of Patents

At the US Patent & Trademark Office, there are three types of patents each serving a different purpose: 

Utility patents: Utility patents are the most common type of patents, similar to those granted in other territorial jurisdictions globally. They are granted for new inventions or discoveries that represent a technical advancement in a field of innovation and are practical and useful in an industry. The subject matter of utility patents includes processes, machines, articles of manufacture, and compositions of matter. These patents are granted for 20 years from the date of application filing.  

Utility patents play a crucial role in various industries by protecting the functional aspects of new inventions. This protection encourages innovation by providing inventors with exclusive rights to their inventions, allowing them to recoup their investment in research and development. For businesses, securing a utility patent can be a strategic move to gain a competitive edge and establish a strong market position.

Plant patents: Plant patents are a unique form of intellectual property protection granted to anyone who invents or discovers and asexually reproduces a new and distinct variety of plant. Although less common than utility or design patents, plant patents are equally important for safeguarding the rights of inventors and ensuring the exclusive use of their unique plant varieties. Plant patents protect new and distinct varieties of plants that have been asexually reproduced meaning plants reproduced by methods other than by seeds, such as through cuttings, layering, budding, grafting, or inarching. These patents cover the plant’s unique characteristics, ensuring that others cannot reproduce, sell, or use the plant without permission from the patent holder. Like utility patents, plant patents are granted for 20 years from the date of filing of the first application for a patent.

Plant patents play a crucial role in the horticulture and agriculture industries by protecting the investment and innovation of plant breeders. This protection encourages the development of new plant varieties with improved characteristics, such as better yield, disease resistance, or aesthetic appeal. For businesses, securing a plant patent can be a strategic move to enhance market position and ensure that their unique plant varieties remain exclusive.

Design patents: Design patents are a specialized form of intellectual property protection that safeguards the unique visual qualities of a manufactured item. If you have created a new, original, and ornamental design for an article of manufacture, you can apply for a design patent. This type of patent is crucial for protecting the aesthetic aspects of a product, ensuring that the visual appeal you have crafted cannot be copied or used without your permission. Only the appearance of an article, not its structural or functional features is protected under such patents. Hence, the patent covers only the ornamental aspects, for example, the shape, configuration, or surface decoration of the patented article. Design patents are typically granted for 15 years from the date of grant if filed on or after May 13, 2015.

Design patents play a vital role in various industries by protecting the visual identity of products. This protection helps maintain brand integrity and prevents competitors from producing look-alike products that could confuse consumers. For businesses, securing a design patent can be a strategic move to enhance market position and ensure that their innovative designs remain exclusive.

Conclusion

Protecting your unique ideas and inventions with patents is crucial in today’s competitive landscape. Patents provide inventors with exclusive rights, encouraging innovation, offering economic benefits, and providing a market advantage. By securing a patent, inventors can safeguard their innovations and ensure that they reap the rewards of their creativity and hard work.