Misinformation abounds when it comes to patents. While facts about patents would fill volumes, here are few interesting facts about patents you can use to regale your geeky relatives over the holidays:
1
Searching
You can keyword search millions of patents on Google Patent Search for free.
2
Expiration
Patents expire 20 years after you file your application. Patent terms used to be 17 years from the date the patent issued. Some inventors, however, were intentionally dragging their feet, waiting until someone else brought their technology to market before having their submarine patents issue. Now, if you drag your feet for 19 years, your patent will only be valid for 1 year.
3
Maintenance Fees
You must pay the Patent Office “maintenance fees” to keep your patents in force. Failure to pay these fees due at three and a half, seven and a half, and eleven and a half years from the date the patent is granted will cause your patent to become abandoned.
4
Patent Searches
No patent search is 100 percent effective. Even if you searched all 7 million plus patents, patent applications are kept confidential for at least 18 months after filing. Theoretically someone else’s patent could issue on your invention the day after your searched every published patent and patent application.
5
How Long Does it Take?
On average, your patent application will be pending nearly three years. This is not all bad though. Although you enforcement rights are severely limited while the patent is pending, having a competitor build up a demand for your product before the patent issues can be a very profitable turn of events.
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