Your startup has developed a cutting-edge innovation. It’s different from anything else on the market, and it has significant potential for monetization. At this stage, your next step may be to file for a patent. Here’s how you can tell if you are ready:
Patent license agreements allow companies to monetize their innovations without (or in addition to) developing their own products and services. These agreements have several key terms, and companies must ensure that their patent licenses contain appropriate restrictions and protections. If a license agreement doesn’t contain the necessary restrictions and protections, not only could this reduce the value of the license for the licensor, but it could potentially lead to the loss of the licensor’s exclusive patent rights as well.
Patent protection affords startups the opportunity to protect their inventions and capitalize on the exclusivity this protection affords. But, securing patent protection isn’t easy, and startups can easily lose their monetization potential if they aren’t careful. With this in mind, here are five essential tips for startups from Alabama patent attorney Hunter Adams:
Should you apply for a plant patent? While plant patents can be immensely valuable, they are not well-understood. Many inventors who are eligible for plant patents fail to file, and many people who believe they are eligible for plant patents do not meet the requirements for registration with the U.S. Patent and Trademark Office (USPTO). In this article, Alabama patent attorney Hunter Adams provides an overview of what entrepreneurs and companies need to know about plant patents.
The process of obtaining a patent can be expensive and time-consuming. Estimates vary, but the cost to obtain a patent on even a relatively simple invention can run about $8,000 and takes an average of about two years. Those are significant amounts of time and money, especially for small businesses, but the benefits of patent protection can quickly pay off. Patents are property rights at heart and, just like with real estate, there are many ways for patent owners to monetize their patents. An Alabama patent attorney can help you devise a strategy that works best for your company.