7 Patent Myths That You Should Avoid.
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There are many patent myths that seem to be floating around among inventors, CEOs and founders. We have covered 7 most common misconceptions people made about patents, through this presentation.
7 Patent Myths That You Should Avoid.
- 2. There are black holes in the Space.
- 3. Banana grows on trees.
- 4. Bulls get irritated by red color.
- 5. We evolved from Chimps.
- 6. You believe that all of these facts are correct? Don't you?
- 7. I bet you also think that we have 5 senses, right?
- 8. Congratulations! You are absolutely incorrect.
- 9. Little information, my friend, can be a risky thing. Especially when we talk about patents. ?
- 10. It¡¯s so risky that it can cost you millions of dollars in revenue,
- 11. It¡¯s so risky that it can cost you millions of dollars in revenue, can lead you to a potential lawsuit,
- 12. It¡¯s so risky that it can cost you millions of dollars in revenue, can lead you to a potential lawsuit, can make your thousands of dollars useless that you spent on filing that patent.
- 13. It¡¯s so risky that it can cost you millions of dollars in revenue, can lead you to a potential lawsuit, can make your thousands of dollars useless that you spent on filing that patent. And?the?list?goes?on...
- 14. There are many patent myths that seem to be floating around among inventors, CEOs and founders.
- 16. 7Myth?No. You can only patent breakthrough ideas.
- 17. The truth is ¨C any new idea or an improvement over an existing product can be patented.
- 18. The truth is ¨C any new idea or an improvement over an existing product can be patented. As long as it follows the patentability rules.
- 19. 6Myth?No. A patent will deter copycats.
- 20. The disappointing truth is, a patent doesn¡¯t deter copycats. It¡¯s the law that does.
- 21. The disappointing truth is, a patent doesn¡¯t deter copycats. It¡¯s a law that does. If a country¡¯s IP laws aren¡¯t strong enough, you will find your invention getting copied.
- 22. The possible solution -
- 23. The possible solution - file a complaint in a court
- 24. 5Myth?No. My patent is protected worldwide.
- 25. The catch is ¨C patents are country specific.
- 26. The catch is ¨C patents are country specific. It means you can protect your invention only in a country where you have applied for the protection. --Naah!--
- 27. Is there any solution? Yes, the PCT (patent co-operation treaty) under the umbrella of WIPO provides a system to file a single patent application in 140 countries.
- 28. 4Myth?No. Patentability searches are cakewalk, anyone can conduct one
- 29. Patent searches are complex that require rigorous training. Thus, only an expert in the field can find you an existing prior art from a sea of patents.
- 30. Patent searches are complex that require rigorous training. Thus, only an expert in the field can find you an existing prior art from a sea of patents.
- 31. 3Myth?No. You can get patent protection if any existing patent doesn't disclose your idea.
- 32. Not the complete truth! If you want to get your patent granted, it must satisfy the three criteria of patentability.
- 33. Not the complete truth! If you want to get your patent granted, it must satisfy the three criteria of patentability. Novelty
- 34. Not the complete truth! If you want to get your patent granted, it must satisfy the three criteria of patentability. Novelty Non-obviousness
- 35. Not the complete truth! If you want to get your patent granted, it must satisfy the three criteria of patentability. Novelty Non-obviousness Utility
- 36. In case, there isn¡¯t any existing patent describing your idea, but, an article on a blog, a research paper, or a news article is.
- 37. In case, there isn¡¯t any existing patent describing your idea, but, an article on a blog, a research paper, or a news article is. Then also you won't get a patent protection over your idea.
- 38. 2Myth?No. Cost of a patent is predictable.
- 39. You can calculate the cost incurred for filing and maintenance of a patent.
- 40. You can calculate the cost incurred for filing and maintenance of a patent. But there are certain invisible strings attached to the cost.
- 43. The?Average?cost?of?a?software?patent. $23,000 +$3000 average maintenance. In case of a prosecution, extra $5000-$7000.
- 44. The?Average?cost?of?a?software?patent. $23,000 +$3000 average maintenance. In case of a prosecution, extra $5000-$7000. Attorney fees - $10000, can be more depending on the companies involved in prosecution.
- 45. 1Myth?No. Patents are just useful for legal purposes.
- 46. Consider following situation. Patented Two same products, but one is patented and the other is not.
- 47. Patented On top of everything, the company as a whole is conceived innovative. Consumers perceive patented product as unique and superior, as no one can copy it.
- 48. Most young companies, especially startups use patents as badges to highlight how involved they are in a particular domain.
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