Intellectual Property Patent U.S. Patent

Patent: what is it?

Patent is an expensive but smart way to protect your business.

Getting a patent is not a quick and easy process. It usually takes years of prosecution (though you can claim “patent pending” from the moment you file the application) and thousands of dollars. However, the reward is a government sanctioned monopoly. Yes, MONOPOLY.

Patent is a deal you make with the public.

You discloses something other people don’t know, and in exchange other people can’t use it for a limited time period (about twenty years) unless you allow them. It’s a win-win. You don’t have to worry about someone else stealing your idea, and the others can learn and improve your invention.

It’s not a contract.

Although the exchange of knowledge and a monopoly right is between you and the rest of the society, there’s no contractual relationship between you and the society. Instead, the United States Patent and Trademark Office (“USPTO”) issues a patent to applicants who discloses their knowledge in patent applications which meet certain requirements. Moreover, if someone infringes your patent rights, you don’t go to the USPTO (nor to a law enforcement agency) but to courts.

Intellectual Property Patent U.S. Patent

Protect Your Products with Patent

While there’s innovative product like iPhone, most new products are improved versions of old products.

Intellectual Property

3 Questions Before Launching a New Product

“Everyone copies everyone”

There is often a grey area between innovation and imitation when it comes to a highly competitive industry. Nevertheless, you often hear about patent infringement lawsuits and trademark disputes.

Especially in the U.S., lawsuits and other legal disputes are a serious problem for business owners. If you once get served with a complaint, you cannot simply ignore it because your failure to respond will result in default judgment against you. And attorney’s fees that easily go around a thousand of dollars an hour will make you dizzy. As it happens, most accused companies end up settling rather than challenging the allegation of wrongdoing.

Intellectual Property Patent patent utilization

The Hidden Strength of Walmart

Although Amazon is reigning in the online retail market, if you compare the annual retail sales figures of 2016, Walmart’s $363 billion in annual revenue overshadowed Amazon’s $77 billion. This is a meaningful success in the offline retail market where many retail giants are fiercely competing.

What in the earth makes Walmart to score such a high annual sales revenue which is more than twice the combined number of (a) $70 billion by Target, a discount store like Walmart and (b) $86 billion by Costco, a membership store like Sam’s Club by Walmart?