A patent is not just a bankable asset, it is a remarkable accomplishment to earn in an inventor’s life. Acquiring a patent can be as arduous as inventing a winning idea itself. However, with clever ingenuity, hard work, proper planning, and perseverance, comes a huge opportunity to reap sizable rewards for both your lifetime and your legacy.
Benefits of owning patent rights include
- The ability to create a 20 year monopoly on a particular product.
- Having title to asset(s) which can be individually or collectively licensed and assigned for large lump sum payments and/or residual royalties.
- The power to sue others for patent infringement in Federal court.
It’s important to note that in 2013 the United States became a ‘First to File’ patent system. Essentially, this means that patent rights belong to the inventor(s) who file a patent application first, and not the individual(s) who came up with the idea first. With that in mind, you’ll want to be extremely cautious on who you share your idea with, and you should only share your idea with someone you don’t know or don’t trust with a firm, binding Non Disclosure Agreement (“NDA”) in place.
Where to begin with a new idea
If you think you have a great idea and you’re not sure where to begin, a patentability (or novelty) search is the first place to start before exploring patent protection. Having a professional patent search performed on your idea is extremely useful in learning the potential scope of patent rights to be gained and for developing a strategy in preparing a patent application. Remember, getting a patent is a huge investment of time, effort and money so it is an excellent idea to see what is out there before starting the process.
We recommend Integrity Patent Group for conducting patent research. Integrity has an excellent reputation in the industry for performing quality ‘prior art’ research at reasonable fees. Integrity will provide you with a Non Disclosure Agreement which protects the confidentiality of your disclosure.
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Valuating patent rights
One of the most difficult figures to determine is the value of patent rights. However, without having an idea how much your patent rights are worth, how are you supposed to know how much you should be seeking to collect in a deal?
While it can be difficult, it certainly is not impossible to gauge the potential worth of patent rights. Understanding how to value such rights, even pending rights, requires a firm understanding of how to read the market, compute manufacturing costs, evaluate opportunity costs, understand industry trends, and more.
The Law Office of Jeffrey Herman has experience valuing patent and other intellectual property rights. We use a 25 point metric system to predict low, high, and fair dollar amounts of an intellectual property portfolio. We back our firm estimates with reputable statistics and sound logic and present the information in an easy-to-review report which we provide on our firm letterhead so that it can be presented with confidence during business meetings and negotiations with third parties. It can also be used as the basis for your standard exclusive and non-exclusive license agreement which you should always have spring loaded and ready to fire upon request.
For further information on having our office value your patent or patent-pending rights, please contact us to schedule a free consultation.
Prior Art Search & Research
There are over 8.5 million patent publications and counting. Our mission in every search report we prepare is to thoroughly research a client’s new invention and to uncover relevant “prior art”.
Prior art is the collective sum of issued U.S. patents and published U.S. patent applications (pending or abandoned) that are similar in function and structure to the client’s invention. Our research team is trained and poised to dive into any new client’s invention Monday-Saturday. We offer various patent research report options to meet the different budgets and time tables of our clients.
Patent Application Drafting
Drafting a powerful patent application is an acquired skill. A powerful patent application is one that comprehensively fleshes out all novelties of an invention and strategically maximizes available patent rights in consideration of the known ‘prior art’.
It requires a firm understanding of the ‘prior art’, engineering knowledge, and a whole lot of experience to master the skill of preparing powerful patent applications. We offer services for preparing and filing powerful Provisional Patent Applications and Non-Provisional Patent Applications (utility and design patents) in the U.S. and internationally.
Patent Prosecution Defense
Most Non-Provisional Patent Applications are challenged by the U.S. Patent Office. As a result, one or more Office Actions will likely issue and a timely response is required or else the patent application is subject to abandonment. One reason there is a high likelihood of receiving at least one Office Action is because the Patent Office has many arguments at their disposal to refuse a patent.
In our experience, a strong and strategic response to an Office Action will often lead to a patent’s issuance. We regularly prepare and handle Office Actions and have a successful track record of earning issued patents for our clients.