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We have written all these topics to help you further understand the Invention Process and what you can do to reduce mistake and keep costs low.

June 8, 2012

Selling your Patent

Many patent owners choose to sell their patents, either because they can’t afford the maintenance fees to the patent office or their patent lawyer fees. Typically, inventors sell patent due to the fact that they can’t get the product to market effectively or they are not making any sales. The sale of a patent involves more money upfront but does forfeit the loyalties if you were to hand over the license of the product. So what should you do? Patents do however generally earn more over time from the loyalties than selling the patent so think twice about selling and […]
June 8, 2012

Licensing your Patent

Licensing your patent is the path than many inventors choose to go down. They do not want to get involved in the manufacturing and marketing side of things so they choose to earn a percentage of royalties from sales. Typically loyalties ranges from 3 – 5%, this number can be changed once you see how bad or well your product sells. By licensing the invention you have the choice to give the license full exclusive rights or non-exclusivity giving you the right to use other party. Typically using two parties in the same industry isn’t done. Taking your product from […]
June 8, 2012

How long do patents last?

Dependent on which patent you have, either Utility, plant or design. Utility and plant patents granted after 1995 have a life of up to 20 years. Design patents have a shorter span of up to 14 years from the date granted. Remember all patents require you to continue paying maintenance fees of the patent will lapse. The maintenance fees are dependent on the country you are in and the type of patent granted. This could cost anything from $1000 to $5000 and only required after a given period.
June 8, 2012

Standard Patents

A standard patent gives long-term protection and control over an invention. It lasts for up to 20 years from the filing date of your complete application (or up to 25 years for pharmaceutical substances). The invention claimed in a standard patent must be new (novel), involve an inventive step and be able to be made or used in an industry. An inventive step means that the invention is not an obvious thing to do for someone with knowledge and experience in the technological field of the invention. Your invention must differ in some way from existing technology, but the difference […]
June 8, 2012

What different types of patents are there?

There are several different types of patents to choose from but I am listing the most common below: Utility Patents Design Patent Plant Patent Reissue Patent Defensive Publication Statutory Invention Registration
June 8, 2012

What is patent pending?

Patent pending is an expression that basically means the “patent has been applied for”, which should be enough to ward off potential infringers. The term Patent Pending is allowed to be used prior to the patent being issued but is only allowed after the patent application has been filed. Typically the Patent Pending is seen on manufactured on everyday goods informing people that you have filed for an application and waiting to see if it has been granted. Once the patent has been approved the phrase will be removed and the actual patent number will be referred to. Infringement of […]
June 8, 2012

Inventors and business partners

Business partners often join together in business with very little paperwork and planning which tends to cause problems in the long run. Most of the time these partnerships end in tragedy due to anger, frustration and most importantly unmet expectations. To avoid the issues mentioned above and ensure a smooth working relationship there are a few things I would suggest you clear up from the start. Financial Goals Are you both working toward the same goals? Be sure to discuss where you see your product going and more importantly how much you are going to sell your product for. You dont want the scenario of one […]
June 8, 2012

Issues when signing an NDA

The NDA is a binding contract  which allows parties to share information.  If a party breaks the contract and leaks information they can be taken to court for damages. You can however get an injunction from a business partner if you feel he is about to breach the agreement. This is also a good reason to get a Patent Pending application.