<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

The Changing Patent Landscape - Protect Your Ideas

Mar. 25, 2013 | Posted by The Alternative Board

Protecting Your Ideas May Be Easier Today

The decision of whether or not a small business owner should attempt to patent their invention or intellectual property is a difficult one. The pros include limiting the competition and potentially opening additional income opportunities. The cons are that it is very expensive, your invention/idea may get rejected, and the intellectual property is publicly available. This is a complex subject: only the details of each individual instance tend to reveal whether a patent is worth pursuing.

Patent holders often find that they went through the process to defend against potential competition which never materializes. I went through the process of creating a software patent years ago while working for a small artificial intelligence (AI) company with several Fortune 500 investors. We were collaborating on new technology and the investors had a claim to it. AI was very competitive at the time, and the investors paid the fees to protect their investment. I still smile when I recall seeing my very technical algorithm written in legal jargon. We worked on the patents for months and waited even longer for a response. We eventually prevailed, and our team became a bunch of patent holders. Shortly afterwards, the industry started moving away from an intense focus on AI and these patents served no value.

Want additional insight? Download Hiring a Business Coach for Your Small Business now 

DOWNLOAD

Historical patent laws did not protect the patent holder as well as he or she thought... Today there is more protection via the "first to file" approach.


If you are considering it, there is some positive news. What is not very well understood regarding historical patent laws is that they did not protect the patent holder as well as he or she thought. Under the previous law, the "first to invent" took priority. This meant a challenger could come along, through considerable documentation, and lay claim to a patented idea. It denied the patent holder the right to apply the invention - how about that? You spend all this money, take all this time, disclose your idea and get the patent; ultimately someone could come along and undermine your claim.

The law is termed the "first to file" approach. This means even if someone comes along with proof they had the idea first, if you are the patent holder your invention is protected. (This is more common outside the United States.) To me, this alternative approach has more of a sense of fairness. The patent process is time consuming, complex and expensive. If someone goes through this process, their idea should be protected. This makes it more attractive to go through the patent process.Have you ever tried to develop a patent, or are you in the process now? Share your struggles or successes here.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

Seasonal SWOT Analysis: Reevaluating Strengths, Weaknesses, Opportunities, and Threats
Jul. 25, 2024 | Posted by The Alternative Board
Many business leaders perform annual SWOT analysis and consider it the cornerstone of their strategic planning for the ensuing year. By comprehensively evaluating their organizations’ strengths,...
The Most Common Ethics Mistakes Made by Business Leaders
Mar. 20, 2024 | Posted by Lee Polevoi
Most business leaders regard themselves as ethical individuals, particularly when it comes to running a business that values integrity above all else. At the same time, even the most conscientious...
How to Build an Ethical Workplace Culture
Mar. 6, 2024 | Posted by Lee Polevoi
Most of us understand what it means to act in an ethical manner. CEOs and business owners frequently advocate a set of ethics by which to run their organizations, helping the workforce maintain a...
Unlearning Conformity: How to Overhaul Old Business Paradigms
Feb. 14, 2024 | Posted by The Alternative Board
Industry is evolving at a record pace, particularly in the post-pandemic era. While COVID lockdowns and shutdowns temporarily changed the way businesses operated and employees engaged, today’s...
Top 3 Strategic Musts for the Coming Year
Jan. 11, 2024 | Posted by The Alternative Board
The first quarter of the year always seems to have business owners dreaming a little bigger, reaching a little higher, and planning innovative ways to improve their organizations in the ensuing...
5 “Must-Have” Elements of a Strategic Plan
Jan. 3, 2024 | Posted by Lee Polevoi
Deciding to “stay in place” is not a viable option for most businesses. Marketplace conditions are always in flux, and customer needs and preferences frequently change over time, so business leaders...