What is a ‘patent’? A patent is a grant of a property right by the Government to the inventor. The United States Constitution provides for Congress to provide for patents to encourage useful inventions. The patent itself provides a detailed description of the invention, and how it is used or how to make it. Thus if you obtain a patent you can not keep the matter secret, which is the province of Trade Secret Law. A patent enables the owner to exclude others from making, using or selling the invention for the life of the patent.
Why do I need a patent? If your invention has market potential and you think that another company could make profits from your invention, you need protection from a patent. -A patent gives you the right to exclude others from making your product. -As a patent gives exclusivity, the patent holder has time to market the invention without competition making him/her able to charge higher prices. -It gives the right to initiate legal action against anyone that is making or selling, without permission, the patent holder invention. -You can make money by licensing or selling your invention to someone else. -It gives you priority over third parties wanting to register their patents in countries that do not require registration.
Can I buy or sell patent rights? Yes, if you are an inventor you may assign all or part of your interest in the patent application or patent to anyone by a properly worded assignment. The patent application itself must be filed in the U.S. Patent and Trademark Office as the invention of the true inventor, however, and not as the invention of the person who purchased the invention from the inventor. Just as deeds to real estate should be recorded with the local county officials to protect the parties’ rights, patent assignments should be recorded in the Patent Office to give notice to the to the public and other potential purchasers.
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