Patents

Overview

Any unique idea or creation including works of authors, inventors, designers, and other individuals must be protected. This can be done by obtaining patents. The competition is tough today and any business that has some ground-breaking invention should patent it. In other words, a business must have monopoly on its intellectual property.

How it Works

Anyone who invents or discovers any new process, machine or comes up with anything revolutionary can obtain patents. You will have to file papers and pay the fees. Documentation is necessary to make sure that everything is in place. Documentation will come handy to protect your rights if someone files a patent on your invention. Obtaining a patent can be a fairly long process. Moreover, not every application for patent is accepted, but you are allowed certain rights under "patent pending" once you file the application. There are agents and attorneys who specialize in patents. They can help you get through the government maze of paperwork without much difficulty.
The patentee is granted an exclusive right over his creation. No individual can use, sell, manufacture, or distribute something patented unless prior permission is obtained. The rights granted by a patent vary from country to country. Once the period for the patent ends, the patentee no longer has an exclusive right over the invention. The owner of the patent can take little legal recourse if the invention is commercially exploited by others.

Benefits

In the absence of patents, an inventor cannot take any legal action against third parties who claim the invention idea to be their own. With patents, there would be laws in place to keep a tab on such third parties who begin to market, sell or promote somebody else's creation under their own name. A patent provides protection for an invention to the owner of the patent for a limited number of years, usually 20 years. What's more, an inventor is recognized for his or her creativity. Any issues relating to patent infringement can be enforced in the court of law.

Costs

The cost of acquiring and maintaining patents depends on many variables including the jurisdiction and the type and complexity of the invention. It is best to seek the advice of a professional or an attorney before filing a patent because obtaining patents can be a costly affair. Some of the costs that you will have to incur will include those relating to the application fees, prosecution fees, translation fees, and attorney/agent fees. Typically, you can expect to spend at least $5,000 to obtain a patent.

Timing

As soon as your invention is proved to be useful, apply for a patent. Until you seek your patent, be sure to keep documentation on every aspect of your invention.