How Do Patents Work? Things to Consider Before Proceeding with a Patent Application

The process of obtaining a patent can be expensive and time-consuming.  Understanding some of the benefits and how patents work can give you a better idea of whether the investment is the best option for you and your invention. 

The Benefits of Pursuing Patent Protection 

Business Protection & Improvement

Obtaining patent protection provides exclusive rights to the ownership of your invention.  Holding the exclusive rights provides you with a stronger position in the market since you can prevent others from using your invention and profiting from it.

Holding a patent can provide additional business advantages as well.  A patent can cement your image as a subject matter expert in your chosen industry, thereby raising your public profile and opening more business opportunities in the future.

Likewise, building a patent portfolio (a collection of patents held by one individual or entity) can help you grow your company and brand in addition to affording the standard patent protection. 

Monetary Gain

Having a patent for your invention is crucial if you are planning to manufacture and sell your product, regardless of whether you are planning to manufacture on your own or by licensing to another company.  A patent provides a valuable advantage over the competition in the same industry and can also prove an asset in business negotiations.  Business partners and investors typically view patented inventions more favorably, which may help you meet fundraising and development goals.  Or, if you sell or license the rights to your patented invention, you can earn substantial revenue from royalties.     

Types of Patents 

The U.S. Patent and Trademark Office (USPTO) issues three different kinds of patents: utility patents, design patents, and plant patents.  Utility patents are the most commonly pursued patent and are used to protect any new and useful process, method, or composition.  Design patents are used to protect any new and useful design; plant patents are used for protecting the discovery or promulgation of any new, uniquely reproduced plant.    

How Long Does Protection Last?

The length of protection depends on the type of patent granted.  Utility and plant patents filed after June 8, 1995, are valid for 20 years from the earliest filing date.  If you file a provisional patent before your utility patent application, then the earliest filing date would be that of the provisional application.  

Design patents granted to applications filed on or after May 13, 2015, are valid for 15 years from the date the patent was granted.  Design patents filed prior to that date are valid for a term of 14 years. 

Cost-Benefit of Applying for a Patent

When deciding whether to pursue patent protection for your invention, consideration of the cost weighed against the potential benefits is crucial.  Projections of anticipated financial benefit from obtaining a patent should be based on a thorough understanding of your product, the market for the product, and any potential industry competitors.  The best way to evaluate these factors is to invest in market research.  The costs and time associated with funding this research is minimal compared to the total amount you will spend undergoing the entire patent application process.

For more information on a patent registration process, see our Patent Services Overview and our Industry Focused Legal Solutions pages.