How patenting protects your inventions
Paul wrote to Ask FSB for ideas about protecting his IP from rivals with deeper pockets. How do you protect your ideas?
From Dilip P.Pandya, San Jose, CA A a former examiner, and manager of patent searching at USPTO, I would always recommed starting with a good patent search. Use a PTDL Library if one is available in your area to keep your costs down. Also, think about building a portfolio of patents instead of a single patent. This is more valuable for future licensing.
From Gaurav Goel, Austin, TX Not disclosed in the article is that no rights are conveyed until the patent is actually issued, except for the designation patent pending. You should also check the technical skills of the patent attorney or agent you will be working with. Also, you have to consider what the ultimate value of the patent is for you. If you are banking on monetizing the issued claims, then you need a very good patent attorney/agent who understands how patents are litigated and licensed.
One simple and inexpensive solution is to file a provisional patent application with the Patent Office. The inventor can prepare and file it themselves for under $200 and it will provide a worldwide filing date for up to one year. This creates an asset that can be licensed or sold while giving the inventor about 8-10 months to prove out the concept and secure financing for their concept. The main caveat is that the written description needs to be sufficiently complete with drawings to ensure that it meets US and Foreign legal requirements.