Thursday, May 22, 2008

Provisional Patents

The fastest and cheapest way to protect your IP is with a US provisional patent filed with US patent office.

Always file a simple cheap provisional patent application (with US patent office) first for each discovery and new product. You then have twelve months of protection and can commercialize your product with patent pending statement on the label. If during this twelve months, you are convinced the new product or invention has high commercial upside and there will be copy cats, then go file the actual US patent and if necessary followed by international patent filings.

Provisional patents are US government gift to start ups and small companies providing a low cost approach to create IP quickly and effectively. I have been in high tech business for more than 25 years where patents are highly valued and an important asset. However, looking back I noticed of every ten patents (each costing approximately $50K including international coverage) only one or two ended up protecting successfully commercialized products. What a waste of money and worse precious time of key scientists and other technical staff.

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