Strategies for Minimizing Patent Expenses
Cutting Patent Costs, Simplified:
In these tough economic times, companies are on a mission to save every penny, especially on patent expenditures. Here's a lowdown on clever tactics companies can use to trim their patent-related costs without sacrificing innovation.
Tricks Up the Sleeve
Secrets Worth Keeping
Patents might be intangible assets, but so are trade secrets. If you've got a secret recipe or a unique process that the competition shouldn't get their hands on, consider keeping it under wraps. Just remember, if the info gets out or it's independently discovered, you'll lose your protective rights. But until then, the court can help enforce your trade secrets through maintenance of secrecy or ordering payment of royalties. Watch our webinar on managing prosecution in these unpredictable times!
Defensive Publishing
Patents can burn a hole in your pocket. When you're looking for a cost-effective alternative, consider defensive publishing. This is when you publish a technical disclosure of your idea in the public domain to block competitors from getting a patent. It's cheaper than patents and may be just what you need to secure your market.
Provisional Patents
What's the deal with provisional patents, you ask? Unlike utility patents, they aren't reviewed by the USPTO. Instead, they serve as a placeholder for your invention until you're ready to spend more on a utility patent. Just make sure to file the utility patent within a year of the provisional application. This gives you some breathing room to explore market opportunities and refine your patent product or process before spending more.
Going Global? Think Twice!
Foreign patent applications can stretch on forever, and sometimes the patent protection in those countries may not be worth the cost. So, skip the jurisdictions that don't offer much benefit, after weighing the pros and cons of obtaining a patent there.
Keep it Short and Simple
Continuation patent applications can be expensive, and they only serve to widen the scope of an existing patent. To conserve cash, consider ditching some continuations or delaying them until you're ready to invest in it.
Taking it a Step Further
The Art of Inquiry
Regularly question your patent attorney to stay updated about expected issue dates, chances of patent approval, and cost-saving measures.
Patents Worth Pursuing
Pursue patents that align with your overall corporate strategy and are expected to deliver economic benefits. Avoid chasing patents that don't serve your long-term goals.
Patents for Litigation
Patents are legal weapons for combating infringement. But before investing in a patent, make sure it's litigation-worthy. In case of infringement, the court can award damages, court costs, and attorneys' fees.
The Bottom Line:
In the wake of the pandemic, every company is feeling the pinch. With patents being a significant expense, it's vital to rationalize patent costs and align them with the overall business objectives. Companies can also consider delaying patent applications, simplifying patent filings, and exploiting cost-effective jurisdictions. By implementing these strategies, businesses can manage their patent expenses effectively and stay competitive in the market.
- In addition to patents, companies can safeguard their unique processes or recipes as trade secrets, maintaining secrecy around them and seeking legal remedies through court enforcement if necessary.
- Defensive publishing, a cheaper alternative to patents, involves publicly disclosing your idea to prevent competitors from obtaining a patent.
- Provisional patents, which don't require USPTO review, serve as placeholders for your invention, allowing you time to explore market opportunities and refine your patent product or process before investing in a utility patent.
- Foreign patent applications can be costly and may not offer significant protection, so companies should consider skipping jurisdictions that do not provide much benefits based on a cost-benefit analysis.
- To conserve cash, companies can restrict continuation patent applications or delay them until ready to invest in expanding the scope of an existing patent.
- Regular communication with a patent attorney can help companies stay informed about expected issue dates, chances of patent approval, and potential cost-saving measures.
- To best utilize resources, companies should focus on pursuing patents that align with their corporate strategy, are expected to deliver economic benefits, and are potentially litigation-worthy, considering the potential for damages, court costs, and attorneys' fees in case of infringement. By employing these strategies, businesses can efficiently manage their patent expenses and remain competitive in various sectors, including technology, education, personal-finance, lifestyle, investing, and business.
