Why Should You File A U.S. Utility Patent Application?
- To Get A Limited Monopoly: A U.S. utility patent application can issue as a U.S. Patent, and a U.S. Patent can be used to sue or threaten to sue others in the U.S. for practicing your invention. If your market analysis indicates that your invention would provide you with a commercial advantage in the U.S., then a U.S. Patent can give you a monopoly over that commercial advantage for the life of your patent.
- To Get Investors: Many inventors require that you protect your innovations and future profits by applying for patents before they will invest in your company.
- To Showcase Innovation: Many companies use patents as marketing tools that indicate how innovative the company is during a period of time.
- To Sell Or Rent: A U.S. utility patent application is a type of intellectual property that you can sell (assign) or license (rent) to make money or at least offset the cost of your research expenses.
- To Get Regulatory Exclusivity: For products (e.g., drugs) that require regulatory approval from the Food and Drug Agency (FDA), you can get the drug approved and have a patent that covers that drug listed in the “Orange Book” to prevent competitors from seeking regulatory approval.
Warning: A U.S. patents and U.S. patent applications do not necessarily make you money. If your market study indicates that your invention will give you a commercial advantage, then a U.S. utility patent can help you protect the profits you will make based on that commercial advantage. A patent that protects a commercial advantage can also be assigned or licensed to someone else who values that commercial advantage. Want to make money? Evaluate the market for your invention.
No Market = No Customers = No Money.
15. Provisional Patent Applications: What You Need To Know, Part 15