As you build your business, I hope you pay particular attention to the utility patent business considerations. Utility patents may be the one of the most important things you will need for your business. This will help you control a new market that you are developing.
SUMMARY
- Increasing the value of your business
- Don’t allow others to take your idea.
- Block the competition so they do not copy your product.
- See How to use your patents guide.
- See Patent requirements for applying
UTILITY PATENTS
Utility patents covers “any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof.” In layman’s terms, you will be able to apply for a patent on any new and useful ideas you have in your product.
BUILDING VALUE WITH PATENTS
Utility patent business considerations will be one of the most important parts of your business to grow value and scale your business. Patents are a type of Intellectual Property. It is named that way because it act like a piece of property that you are able to own. If you are granted a patent, you will have a piece of intangible property on your creation or improvement that others will not be able to “trespass” on.
For Example, let’s say you were granted a patent for the first light bulb. You will have a right for that specific light bulb for 20 years from the date of application.
The value comes from being able to prevent others from excluding others from “making, using, offering for sale, or selling” this your specific invention in the United States. This essentially becomes a monopoly on the specific invention. In addition, you will be able to control and enforce who is able to use your invention through licenses and enforcement through the courts. See How to use your patents guide.
PATENT APPLICATION PLANNING
This will apply, especially, if you are doing OEM or ODM products. If you decide to sell off the shelf products, the patents may already be owned by the manufactures. If you decide to create your own product of improve on an existing product, you may be able to apply for a patent on that creation or improvement.
It will be important to plan your patent applications. A few questions to think about will be whether your idea is worth the investment? Will others use your idea? When should you get your patents?
The investment may be expensive depending on the complexity of the invention, however, it is the trade offs for the rights you obtain. That means deciding whether you should pay money to apply for a right to prevent others from using your invention. Will other businesses even use your patents? What is the likelihood your patent will be granted?
TIMING OF APPLYING FOR A PATENT
Before you do anything with your invention, you should understand about the timing of patent applications. There are some actions that may prevent you from filing for patent. In addition, even if they don’t apply, you should see whether someone else may apply for your patent before you.
As an e-commerce business, you will likely be working with manufactures to help you produce your products. Before you reach out to a manufacture on a new creation or an improvement, you should consider whether you should apply for a patent first. In many supplier agreements, OEM and ODM manufactures may require you to allow the manufactures to apply for the patents. This means the manufactures will own your creation or improvement on the products just because you are asking the manufactures to manufacture the products. Applying for a patent beforehand will prevent this issue. See should I apply for a patent?