Part 4 of Q &A session with experienced Patent Attorney, Denver‘s Mark Trenner.

Watch Entire Interview at Once Here: Patents as Investment and Insurance Video

Interviewer: I see. So you can use a patent as a bargaining chip, right?

Patent Attorney: Exactly. That’s why I say that the term “insurance” isn’t 100% accurate. But a patent can be used as a negotiating tool.

Interviewer: Good analysis of this article. So what’s the takeaway to those watching to this interview?

Patent Attorney: Thank you. In summary, all businesses should at least consider the role of patents as an investment or asset to the company. The best strategy is for business owners to talk to a patent attorney about their business objectives, budget, and goals for their products. The patent attorney can help the business owner evaluate their product line and competing products, and help put a patent development program in place that best suits the business.

Interviewer: Thank you, I think that’s all we have time for today. For more information, be sure to visit Trenner Law Firm’s website at www.us-patentattorney.com and Mark Trenner’s blog over at www.ipatentattorney.org

Patent Attorney Colorado Q & A Part 5

Okay, if my invention is new and not obvious, what then?

You have a couple of options. You can file a provisional patent application, or you can file a regular patent application for your invention.

What is a provisional patent application?

A provisional patent application is a patent application that describes your invention in words and optionally with drawings or pictures, and when filed with the United States Patent Office, receives a serial number and a filing date. On the same day that you file your provisional patent application with the United States Patent Office, you can mark your invention (brochures describing your invention, etc.) with the words “Patent Pending” (or “Pat. Pend.” for short).

Then what’s the difference between a provisional patent application and a regular patent application?

A provisional patent application is never examined by the U.S. Patent Office and automatically goes abandoned after one year from the filing date.

If a provisional patent application goes abandoned after only one year, why would I file one?

Your budget (or lack of a budget) is probably the number one reason to opt for filing a provisional patent application. In general, provisional patent applications cost significantly less than filing a regular patent application. There are no formal requirements for a provisional patent application, like there are for a regular patent application. So in general, it takes a patent attorney more time to prepare a regular patent application than it takes to prepare a basic provisional patent application. It’s the old adage that “Time Is Money.”

If you can’t afford to file a regular patent application just yet, but you don’t want to lose rights to your invention, consider filing a less expensive provisional patent application. Then when you have money from sales of your invention, or investors lined up, you can better afford to file a regular patent application.

To get started with you patent, visit our online patent law firm.