What is a patent?

As defined by Wikipedia, “A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention. An invention is a solution to a specific technological problem and is a product or a process. Patents are a form of intellectual property.”

Patents generally fall into three categories: utility patents, design patents and plant patents. They cover everything from business processes to a manufactured item to a plant breeder’s rights. Patents incentivize innovation by granting rights to innovators that protect their innovation for a certain period of time, in exchange for fees paid for that protection.

Why are patents relevant for entrepreneurs?

“Whether you are an independent inventor, a fledgling entrepreneur or a seasoned inventor who is going out on your own for the first time, the best thing you can do for yourself is to become familiar with the concepts and procedure associated with protecting your inventions.” Gene Quinn, via IP Watchdog article A Beginner’s Guide to Patents and the Patent Process.

For more information on patents, provided by the US Patent and Trademark Office, visit this link.

For a great summary and additional resources on patents, visit the IP Watchdog article by Gene Quinn here.

For a recent article on how to maximize your invention’s return on investment, and other strategic considerations, check out this article, written by my cousin, Sterling Fillmore, a D.C. and Utah patent attorney.

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For more information on Intellectual Property see these other posts…….

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