Looking back on every business you went into over the past week to complete errands or make purchases, consider that each one of them (even the franchises!) sprang originally from a dream, an idea, a concept in someone’s mind that could eventually turn into an invention requiring a business patent. Coupled with drive and determination, that idea turned into a real product or service, situated at a real business site—with all the real responsibilities of bringing in clients, maintaining capital, managing employees, and more.
And while you are probably a customer at many other businesses on a regular basis, you may also be an entrepreneur running a company of your own where it is so easy to get caught up in the daily grind that you forget what the original inspiration or motivation was to begin with. Staying fresh and continuing to innovate is vital to any business though, and while you may have trademarks or service marks already in place—perhaps even copyrights—you, your employees, or independent contractors may also be continuing to create intellectual property like patents.
A patent is defined by the United States Patent and Trademark Office as an invention which can be divided into three categories: utility, design, or plant (and yes, that literally refers to the discovery or creation of a new plant). Once you have registered for a patent—and it is highly recommended that you work with an intellectual property attorney in doing so—you may have a bit of a wait, anywhere from a matter of months to almost two years on average, and very possibly even longer. A patent is usually good for around 20 years and means that you have the sole rights to manufacturing and distribution.
In some cases, you may have a patent that you want to sell—or you may want to grant licensing rights. While selling it is a great way to make income that could perhaps fund another invention, it is permanent. Speak to your attorney about the best route for your business, along with the legalities of selling it, along with considering whether your better option would be to sell licensing and perhaps collect royalties. Working with another entity for licensing can be tricky so do not go it alone when negotiating agreements and drafting contracts.
The Bolender Law Firm can assist you in all intellectual property matters. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!