Companies normally start with the objective of making profits. However, it is important to attain protection for the assets that are generating these profits through the intellectual property law to help maintain the profits.

When it comes to patents, it is among the most important protections that a startup should have; more so technology start-up, for the inventions generated within the organization. Without a patent, the organization would be running the risk of having its invention copied without receiving any compensation. A patent gives the company an opportunity to sue third parties for any infringements.

A patent application must be filed with the US Patent and Trademark Office (“USPTO”). This invention must be useful and has moved to a stage of being more than just an idea. The invention also ought to be new and “non-obvious.” There is the option of filing for either a provisional or non-provisional patent. After the filing is done, the examination of whether the invention can be patented commences. If the patent is approved, the effective date of this patent is the filing date when the application was made. In case the application is rejected, the applicant has the liberty of asking to amend the application or request a second reconsideration.

The time it takes to secure a patent is at least 18 months. The term of a design patent is usually 14 years while the plant and utility patent lasts 20 years. Patent holders are at liberty to license or sell their patents.

Do you need an Original High Quality Academic Custom Essay?