Succeeding in business requires pouring your creativity, resources, and time into developing new ideas that set you apart from the competition.

And, in some cases, they even may be novel enough to warrant protection in the form of a patent. Explore the basics of this tool, why it can be valuable, and how to apply for one.

What is a patent?

In a nutshell, a patent gives an individual the right to exclude anyone else from making, selling, or utilizing a creation for a certain period without permission. It is granted by the United States Patent and Trademark Office (USPTO) and can cover original or improved manufactured goods, machines, designs, and processes as well as newly invented or discovered plant varieties. However, there are four conditions any of these must meet to qualify:

1. It must be usable rather than just a theory.
2. Its make and usage can be clearly described.
3. It has not been done previously.
4. If it relates to something in existence, it must be a significant improvement (or one that is “not obvious,” as the USPTO puts it).

Once approved, the patent typically lasts for fifteen to twenty years from the date of application, depending on the type, at which point the invention enters public domain. Only in rare cases may this time frame be extended.

Types of patents

It’s important to know the three categories of patents, each of which serves a different purpose. In certain cases, you may need to apply for multiple ones to protect both the functionality and design of your creation.

Utility
The most common type of patent, utility, is granted for an invention that offers a useful function, such as a machine, process, or article of manufacture (i.e., a manmade product). It also covers compositions of matter, or something formed from two or more ingredients that exhibits properties not found in those ingredients separately—a newly synthesized chemical compound, for example.

Design
A design patent, on the other hand, is provided for inventions that are ornamental in nature, such as the shape or surface decoration of a product. These are not relegated to creative industries but can be given for anything that features a novel look, including fonts, packaging, and furniture. The Statue of Liberty even had a design patent!

Plant
Lastly, you can get a specific patent for new varieties of plants that are distinct, stable, and asexually reproduced. Note that while you can apply for one regarding a plant you discovered, you must have found it in a cultivated area to qualify.

Why get a patent?

Essentially, a patent is your ticket to preventing others from copying your ideas and capitalizing on your hard work, which offers numerous advantages for start-ups and veteran businesses alike. The first is an increased ability to maintain a competitive edge in the marketplace. Being the only organization to sell an innovative product or use groundbreaking equipment indicates to customers that what you offer can’t be found anywhere else, encouraging them to choose you over others. (Hence why you should tout this fact wherever and whenever you can.) Securing a patent can also level the playing field, providing small businesses with the legal protection they need to compete against larger, more established ones.

Additionally, if your invention has the potential to be licensed, sold, or commercially exploited, obtaining a patent can significantly increase its value. The exclusivity gives you leverage in negotiations, whether you’re selling your business, attracting investors, or looking for partners. And for those wanting to scale, licensing your patent to other companies could provide an extra revenue stream. This is especially relevant for small businesses seeking to expand without taking on too much risk or overhead.

Navigating the application process

Applying for a patent can seem like a daunting task, but it doesn’t have to be. The key is to be as prepared as possible, doing research into all the various components you will need to consider. For instance, you’ll want to begin with a patent search to verify that your invention hasn’t been publicly disclosed by anyone else. Then determine which type of patent to apply for, assess whether you need international protection, and decide if you want to start with a provisional application—an inexpensive way to establish a filing date, which will be the start date of your patent upon approval of a nonprovisional application.

Just as important is looking into the numerous fees associated with applying for and holding a patent. You will have to pay one for the application, patent search, examination, and issue and publication along with miscellaneous others as applicable. Further, you’ll be responsible for maintenance fees, paid about every four years; if you miss a deadline, you can lose your patent.

For a full picture of the filing process, consult the comprehensive guide offered on the USPTO website. It may also be wise to enlist the services of a patent attorney, who can help you understand the nuances and produce a clear application that meets the legal requirements set by the USPTO.

Despite the complexities and high costs of obtaining one, a patent is an invaluable asset that can safeguard your innovation. With such peace of mind, you can direct your efforts toward capitalizing on it, creating a strong sales strategy and new revenue opportunities to turn it into a profitable venture.

TAKE ACTION:
If you have a unique invention or design, consider consulting with a patent attorney to explore the possibility of filing for patent protection.