Panda Patent’s Basics of Patent Law – 10 Tips

Panda Patent’s Basics of Patent Law – 10 Tips

Panda Patent is composed of a team where each member is a legal expert for emerging technologies. Consulting the services of this firm will guarantee you access to someone with unparalleled acumen about patent law. In this way, your business can get a competitive advantage. These tips can be helpful in gaining a better understanding of patent law. 

• Whether to apply for a patent  

You should always safeguard your ideas and inventions. It prevents others from stealing and commercializing them. In this way, only you or those with a license can gain economic benefits from them. 

• Actions you should undertake before filing a patent application 

• You should assess your idea’s economic viability. The invention should be viable in addition to being appropriate for the intended market. 
• You should look for a patent attorney. He or she will help in all matters pertaining to getting a patent. 
• Conduct a search.
• Why you should patent 

There are several justifications for safeguarding your idea or invention. 

• It aids in getting recognition. It is a public record that you came up with the idea. 
• You should safeguard your idea from copying. Any individual that infringes on this right can face legal action.
• It will aid in creating a market position. A patent gives you a monopoly on the item thus averting any competition. 
• It will amplify the company’s value. A patent increases the value of your business to investors. 
• A patent allows you to earn licensing fees. This way, you can have others commercialize it and pay you fees for using your idea. 
• A patent safeguards the business since you can avoid litigation or have an advantage during a settlement. 
• The timing 

The timing of when to patent is very critical. These applications tend to be expensive. Also, they can range from several thousand dollars to even a million dollars. The cost depends on what is being patented and the duration of the protection. 

For those with inadequate capital, it would be unwise to rush into patenting and leaving no money aside to aid in the commercializing of the idea. Thereby, it should not take precedence when resources are limited. 

• Need for a search

It is essential to take some time to do comprehensive research to guarantee that your idea or invention is not already patented. If it matched with another, you would have to abandon it or change the attributes that can be classified as infringement. 

• Where to get information regarding patents 

There exist many platforms where one can access patent information. Some of the reliable sources are the patent office or Google. The two options are free. Also, there are private entities that avail premium services when it comes to searching. 

• Public availability of patent information 

• An idea that has been patented is usually available to the public. Any application must have a comprehensive description regarding the invention. It is articulate to the level that one with the competency relative to the field can easily replicate it. 
• Not all of the patents are publicly available. An applicant may request that the patent is concealed. Alternatively, the government could issue an order barring its availability to the public. 
• Types of patents

There are three patent types for which you can apply. Nevertheless, the ideas must be new.

• There are utility patents. They are for processes, machines, and chemicals. 
• There are design patents. They are for unique designs in addition to a product’s physical orientation.
• There are plant patents. They safeguard plant varieties that undergo asexual reproduction. 
• Patent trolls

• Some individuals or entities are capitalizing on the way patents are structured to benefit from innovations. They operate by patenting various ideas. Alternatively, they could buy these rights from others. 
• With the patents in hand, they can assert them against businesses that develop products within a patented domain area. When they see that you have made unalterable progress that can be classified as an infringement, they seek legal action against you. 
• This practice has resulted in adverse social and economic consequences. Several innovation entities have lost billions of dollars. The lawsuits attract significant monetary benefits for these selfish individuals. Also, millions of jobs have been lost this way.
• If you were to be sued by a patent troll, the best approach would be to seek professional assistance. 
• Safety of idea with a patent attorney

There is a common notion that a patent attorney can steal your idea and file it as his own. However, this is untrue. It is because upon contracting one, ethical duty to you prevents him or her from stealing the invention or revealing any information about it to others. This aspect of confidentiality is stipulated in the Texas state law.

In summary, these tips are instrumental in learning more about patent law. They are availed by Panda Patent, which is a well-established firm in dealing with matters relative to patent protection.