Destin Rice, MGT 386, November 25, 2008
To gain success and follow up by holding the gains or continuing to excel in excellence, the business world relies heavily on support from investors. Accredited investors are investors who “invest in certain types of higher risk investments, limited partnerships, hedge funds, and angel investor networks” (Wikipedia, 2008).
While these investors are recognized as being risk takers and as being “financially sophisticated,” they generally fall into other categories (Bonds Online, 2006). Accredited investors “generally include wealthy individuals and organizations such as corporations, endowments, or retirement plans” (Wikipedia, 2008). The U.S. Securities Exchange Commission goes even further to state that, “accredited investors may include banks, insurance companies, registered investment companies, business development companies, or small business investment companies” (2008). They may also include “charitable organizations, corporations, or partnerships with assets exceeding $5 million, a natural person who has individual net worth, or joint net worth with the person’s spouse that exceeds $1 million at the time of the purchase of securities or a natural person with the income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year” (U.S. Securities Exchange Commission, 2008).
Before dealing with accredited investors, one should consider the advantages and disadvantages of these investors as well as several questions that should be asked to the investors. One should immediately realize that there are numerous advantages with dealing with accredited investors. Because accredited investors are typically “company insiders and rich people with areas of expertise in corporations and contracts,” they may provide numerous benefits to a company or corporation (CNN Money, 2008). Accredited investors are “generally either wealthier investors or individuals with access to more information about a company and may be less burdensome when raising money” (CNN Money, 2008).
Examples of questions that companies and individuals dealing with accredited investors may ask themselves as well as the investor include:
• What are the state’s security laws?
• What are the federal securities laws?
• How much money are we raising?
• How much money have we already raised?
• How many investors do we plan to target?
• What documents will be provided to our investors?
• What types of filings have been completed?
• What kind of company is this accredited investor?
• Is this an employee benefit plan?
• Does the plan have total assets in excess of $5 million?
• Does the bank, insurance company, or registered advisor make the investment decision?
• Is this a business in which all the equity owners are accredited investors?
• How much is the individual’s net worth?
• What is the natural person’s income? Joint income with spouse?
Works Cited
BondsOnline (2006). Investors. Retrieved November 25, 2008, from
http://www.bondsonline.com/Accredited_Investor_def.php
CNN Money (2008). Accredited Investors: Do you need them? Retrieved November 25, 2008 from, http://askfsb.blogs.fsb.cnn.com/2008/07/23/accredited-investors/
U.S. Securities and Exchange Commission (2008). Accredited Investors. Retrieved
November 25, 2008 from, http://sec.gov/answers/accred.htm
Wikipedia (2008). Accredited Investor. Retrieved November 25, 2008 from,
http://en.wikipedia.org/wiki/Accredited_investor
Tuesday, December 9, 2008
Protecting Trademarks
Chris Jackson, MGT 386, December 5, 2008
As many advisors and lawyers will tell you, registering a trademark or obtaining service rights is the best way to protect the rights to any product or service. According to Wikipedia, “The term trademark is also used informally to refer to any distinguishing attribute by which an individual is readily identified, such as the well known characteristics of celebrities” (Wikipedia, http://en.wikipedia.org/wiki/Trademark). In fact, they have also shown to add more value to that particular product or service because they are one of the most important assets to that company. This was best stated in a trademark article by Jane Tucker when she said, “Just as you would protect your other assets from harm, you should also do what is necessary to ensure protection of your trademark or service mark from a competitor who may attempt to sell different goods or services under an identical or confusingly similar name” (Protecting Your Trademark and/or Service Mark Rights, http://www.vanblk.com/Resources/Legal_Articles_Cases/ProtectingYourTrademarkandorServiceMarkRights.asp). It is also to your advantage to go through this process for security reasons as stated above.
Upon further research, I uncovered information on the United States Patent and Trademark Office Website, which stated that there are detailed instructions to follow that can easily lead you to your own registration of a trademark or service mark. In this process of filing with the government, the first step is to identify which type of intellectual property is best for you, which in this case is a trademark. According to the USPTO, “The next step is to search our database, before filing your application, to determine whether anyone is already claiming trademark rights in a particular mark” (United States Patent and Trademark Office, http://www.uspto.gov/web/trademarks/workflow/start.htm). It also states that after you have chosen your mark and conducted a trademark search, you will need to draft a description of goods and/or services. A trademark application is incomplete without a statement identifying the goods and/or services with which the mark is used or will be used. This identification of goods or services must be specific enough to identify the nature of the good or services.
In my research I have found that not only can you register through the United States Patent Office, but you can also register through the Alabama Secretary of State on their website if you wanted to register more of a smaller business type company under a trademark. This process would certify that you would maintain this trademark for ten years until you renew it (Alabama Secretary of State, http://www.sos.state.al.us/BusinessServices/Trademarks.aspx). Rights of ownership of a particular mark are derived from the Common Law of Alabama which states that once you adopt and use a mark, and are documented as the first to use this mark, that you will then have exclusive rights to use that mark.
Protection of trademarks is a serious issue when it comes to protecting a business or product, that is has sometimes landed individuals in the court room with issues that result in severe repercussions. One thing that everyone should do once they decide to apply for a trademark is obtain legal assistance, so that you will have some aide through the process and do not overlook any minor details that could have serious consequences for negligence.
As many advisors and lawyers will tell you, registering a trademark or obtaining service rights is the best way to protect the rights to any product or service. According to Wikipedia, “The term trademark is also used informally to refer to any distinguishing attribute by which an individual is readily identified, such as the well known characteristics of celebrities” (Wikipedia, http://en.wikipedia.org/wiki/Trademark). In fact, they have also shown to add more value to that particular product or service because they are one of the most important assets to that company. This was best stated in a trademark article by Jane Tucker when she said, “Just as you would protect your other assets from harm, you should also do what is necessary to ensure protection of your trademark or service mark from a competitor who may attempt to sell different goods or services under an identical or confusingly similar name” (Protecting Your Trademark and/or Service Mark Rights, http://www.vanblk.com/Resources/Legal_Articles_Cases/ProtectingYourTrademarkandorServiceMarkRights.asp). It is also to your advantage to go through this process for security reasons as stated above.
Upon further research, I uncovered information on the United States Patent and Trademark Office Website, which stated that there are detailed instructions to follow that can easily lead you to your own registration of a trademark or service mark. In this process of filing with the government, the first step is to identify which type of intellectual property is best for you, which in this case is a trademark. According to the USPTO, “The next step is to search our database, before filing your application, to determine whether anyone is already claiming trademark rights in a particular mark” (United States Patent and Trademark Office, http://www.uspto.gov/web/trademarks/workflow/start.htm). It also states that after you have chosen your mark and conducted a trademark search, you will need to draft a description of goods and/or services. A trademark application is incomplete without a statement identifying the goods and/or services with which the mark is used or will be used. This identification of goods or services must be specific enough to identify the nature of the good or services.
In my research I have found that not only can you register through the United States Patent Office, but you can also register through the Alabama Secretary of State on their website if you wanted to register more of a smaller business type company under a trademark. This process would certify that you would maintain this trademark for ten years until you renew it (Alabama Secretary of State, http://www.sos.state.al.us/BusinessServices/Trademarks.aspx). Rights of ownership of a particular mark are derived from the Common Law of Alabama which states that once you adopt and use a mark, and are documented as the first to use this mark, that you will then have exclusive rights to use that mark.
Protection of trademarks is a serious issue when it comes to protecting a business or product, that is has sometimes landed individuals in the court room with issues that result in severe repercussions. One thing that everyone should do once they decide to apply for a trademark is obtain legal assistance, so that you will have some aide through the process and do not overlook any minor details that could have serious consequences for negligence.
Protecting Trademarks and Service Marks
Destin Rice, MGT 386, November 23, 2008
Because of the high level of competition in the business world, many companies and organizations choose to protect their products and services with trademarks and service marks. Trademarks include “any word, name, symbol, or device, or any combination, used, or intended to be used, in commerce to identify and distinguish goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods” (UPTO, 2008). “The owner of a trademark has exclusive right to use it on the product it was intended to identify and often on related products. Service-marks receive the same legal protection as trademarks but are meant to distinguish services rather than products” (Cornell). In order for a business to protect its trademarks and service marks, the business must comply with several requirements and follow a certain process.
Protecting trademarks and service marks does not require that the trademarks and service marks be federally registered. However, if a company chooses to federally register its trademarks and service marks it may reap a magnitude of benefits. Examples of benefits include a “constructive notice nationwide of the trademark and service mark owner’s claim; evidence of ownership; jurisdiction of federal courts may be invoked; registration can be used as a basis for obtaining registration in foreign countries; and registration may be filed with U.S. Customs Service to prevent importation of infringing foreign goods” (USPTO, 2008).
A company may register its trademarks and service marks by “accessing forms through the Trademark Electronic Application System (TEAS)” (USPTO, 2008). TEAS can assist a business in filing an “application for registration of a mark, response to examining attorney’s office action, notice of change of address, amendment to allege use, statement of use, request for extension of time to file a statement of use, affidavit of continued use under 15 U.S.C 1058, and an affidavit of incontestability under 15 U.S.C. 1065” (USPTO, 2008). One may find assistance by visiting USPTO’s Web site or by searching additional Web sites for trademark and service mark information.
Several requirements exist in order to obtain a filing date. A company of person must include the “name of the applicant, a name and address to which the USPTO should send correspondence, a clear drawing of the mark, a listing of the goods or services, and the filing fee for at least one class of goods or services” (International, 2008). Information concerning fees may be found on the USPTO Web site.
While the process of registering each mark may be time consuming and require a company or organization to participate in additional paperwork, the benefits of a registered trademark may be seen in a timely manner on the company’s balance sheet. Trademarks and service marks give companies and corporations a competitive advantage that may make a difference in the success of the business.
Works Cited
Cornell University Law School. Trademark Law: An Overview. Retrieved November 25, 2008,from http://topics.law.cornell.edu/wex/Trademark
International Trademark Association (2008). Filing a Trademark Application in the United States. Retrieved November 25, 2008, from http://www.inta.org/index.php?option=com_content&task=view&id=182&Itemid=59&getcontent=1
United States Patent and Trademark Office, (2008). Retrieved November 25, 2008, from
http://www.uspto.gov/main/trademarks.htm
Because of the high level of competition in the business world, many companies and organizations choose to protect their products and services with trademarks and service marks. Trademarks include “any word, name, symbol, or device, or any combination, used, or intended to be used, in commerce to identify and distinguish goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods” (UPTO, 2008). “The owner of a trademark has exclusive right to use it on the product it was intended to identify and often on related products. Service-marks receive the same legal protection as trademarks but are meant to distinguish services rather than products” (Cornell). In order for a business to protect its trademarks and service marks, the business must comply with several requirements and follow a certain process.
Protecting trademarks and service marks does not require that the trademarks and service marks be federally registered. However, if a company chooses to federally register its trademarks and service marks it may reap a magnitude of benefits. Examples of benefits include a “constructive notice nationwide of the trademark and service mark owner’s claim; evidence of ownership; jurisdiction of federal courts may be invoked; registration can be used as a basis for obtaining registration in foreign countries; and registration may be filed with U.S. Customs Service to prevent importation of infringing foreign goods” (USPTO, 2008).
A company may register its trademarks and service marks by “accessing forms through the Trademark Electronic Application System (TEAS)” (USPTO, 2008). TEAS can assist a business in filing an “application for registration of a mark, response to examining attorney’s office action, notice of change of address, amendment to allege use, statement of use, request for extension of time to file a statement of use, affidavit of continued use under 15 U.S.C 1058, and an affidavit of incontestability under 15 U.S.C. 1065” (USPTO, 2008). One may find assistance by visiting USPTO’s Web site or by searching additional Web sites for trademark and service mark information.
Several requirements exist in order to obtain a filing date. A company of person must include the “name of the applicant, a name and address to which the USPTO should send correspondence, a clear drawing of the mark, a listing of the goods or services, and the filing fee for at least one class of goods or services” (International, 2008). Information concerning fees may be found on the USPTO Web site.
While the process of registering each mark may be time consuming and require a company or organization to participate in additional paperwork, the benefits of a registered trademark may be seen in a timely manner on the company’s balance sheet. Trademarks and service marks give companies and corporations a competitive advantage that may make a difference in the success of the business.
Works Cited
Cornell University Law School. Trademark Law: An Overview. Retrieved November 25, 2008,from http://topics.law.cornell.edu/wex/Trademark
International Trademark Association (2008). Filing a Trademark Application in the United States. Retrieved November 25, 2008, from http://www.inta.org/index.php?option=com_content&task=view&id=182&Itemid=59&getcontent=1
United States Patent and Trademark Office, (2008). Retrieved November 25, 2008, from
http://www.uspto.gov/main/trademarks.htm
Filing for a patent
Destin Rice, MGT 386, November 23, 2008
If a company depends strictly on the products it sells and/or the services it delivers, the company should consider protecting the physical and intellectual products from potentially falling into the hands of competitors. In order to prevent this occurrence, “The Patent and Trademark Office, which falls under the umbrella of the Department of Commerce, is designed to promote businesses by giving inventors the right to their discoveries” (Holmes, 2003).
Filing for a patent under The Patent and Trademark Office will ensure that competitors don’t use the technology unless they buy the right to use it from [the company]” (Holmes, 2003). The process of filing for a patent includes a process of several steps. First, one must file a Utility Patent Application. “Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or compositions of matters, or any new useful improvement thereof” (United States, 2008). Other patent classifications include design patents and plant patents, which include applications apart.
A Nonprovisional Utility Patent Application requires that all information be in English on the standard size 8 1/2 x 11inch paper. There must be a left margin of at least 1 inch. “A Nonprovisional Utility Patent application must include a specification, including a claim or claims; drawing, when necessary; an oath or Declaration; and the prescribed filing, search, and examination fees” (United States, 2008).
A transmittal form or transmittal letter that instructs the USPTO as to what actual types of papers are being filed must accompany the completed application. This letter names the applicant, the type of application, the title of the invention, the contents of the application, and any accompanying enclosures” (United States, 2008). A Fee form, application data sheet, and specification sheet should also be included. It is important to note that the title of the invention should appear as the heading on the first page of the specification letter.
Included in the form sheets, data tables, and specification outlines should be cross-references, statements regarding federal sponsorship, a summary of the invention, several different views of the invention, drawings, graphic forms, alternative positions, and legends and symbols.
In order to ensure that you are not infringing upon someone else’s patent, one may consider exploring information on actual patents online. Information on actual patents as well as applications that have recently been filed may be found online. This search is recommended in order to make sure no other company has beaten you to the process and to ensure that your company is a step ahead of the competitor. Each Tuesday, new patents are published by USPTO and may be seen on a variety of web sites. An average of 3500 patents are published every week, all of which have “gone through a strict regime of patent prosecution, and are found to satisfy all patenting conditions” (Free Patents, 2008).
Although it may be intimidating and prove to be a long and tedious process, obtaining a patent is beneficial to companies. The inquiry of the patent may inevitably help the company surpass its competition and bring in additional revenue for longer periods of time.
Citations
Free Patents Online (2004-2008). Retrieved Nov. 21, 2008 from
http://www.freepatentsonline.com/uspatents.html
Holmes, Tamara E. (2003). U.S. Patent and Trademark Office: Protecting Your
Business/Es Property. Retrieved on November 21, 2008 from
http://www.nfib.com/object/3783321.html
United States Patent and Trademark Office (2008). Retrieved November 21, 2008 from
http://www.uspto.gov/main/patents.htm
If a company depends strictly on the products it sells and/or the services it delivers, the company should consider protecting the physical and intellectual products from potentially falling into the hands of competitors. In order to prevent this occurrence, “The Patent and Trademark Office, which falls under the umbrella of the Department of Commerce, is designed to promote businesses by giving inventors the right to their discoveries” (Holmes, 2003).
Filing for a patent under The Patent and Trademark Office will ensure that competitors don’t use the technology unless they buy the right to use it from [the company]” (Holmes, 2003). The process of filing for a patent includes a process of several steps. First, one must file a Utility Patent Application. “Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or compositions of matters, or any new useful improvement thereof” (United States, 2008). Other patent classifications include design patents and plant patents, which include applications apart.
A Nonprovisional Utility Patent Application requires that all information be in English on the standard size 8 1/2 x 11inch paper. There must be a left margin of at least 1 inch. “A Nonprovisional Utility Patent application must include a specification, including a claim or claims; drawing, when necessary; an oath or Declaration; and the prescribed filing, search, and examination fees” (United States, 2008).
A transmittal form or transmittal letter that instructs the USPTO as to what actual types of papers are being filed must accompany the completed application. This letter names the applicant, the type of application, the title of the invention, the contents of the application, and any accompanying enclosures” (United States, 2008). A Fee form, application data sheet, and specification sheet should also be included. It is important to note that the title of the invention should appear as the heading on the first page of the specification letter.
Included in the form sheets, data tables, and specification outlines should be cross-references, statements regarding federal sponsorship, a summary of the invention, several different views of the invention, drawings, graphic forms, alternative positions, and legends and symbols.
In order to ensure that you are not infringing upon someone else’s patent, one may consider exploring information on actual patents online. Information on actual patents as well as applications that have recently been filed may be found online. This search is recommended in order to make sure no other company has beaten you to the process and to ensure that your company is a step ahead of the competitor. Each Tuesday, new patents are published by USPTO and may be seen on a variety of web sites. An average of 3500 patents are published every week, all of which have “gone through a strict regime of patent prosecution, and are found to satisfy all patenting conditions” (Free Patents, 2008).
Although it may be intimidating and prove to be a long and tedious process, obtaining a patent is beneficial to companies. The inquiry of the patent may inevitably help the company surpass its competition and bring in additional revenue for longer periods of time.
Citations
Free Patents Online (2004-2008). Retrieved Nov. 21, 2008 from
http://www.freepatentsonline.com/uspatents.html
Holmes, Tamara E. (2003). U.S. Patent and Trademark Office: Protecting Your
Business/Es Property. Retrieved on November 21, 2008 from
http://www.nfib.com/object/3783321.html
United States Patent and Trademark Office (2008). Retrieved November 21, 2008 from
http://www.uspto.gov/main/patents.htm
Venture Capital
Chris Jackson, MGT 386, December 5, 2008
Venture Financing basics provide that venture capital financing is done to provide capital to companies that have started to do business. This type of financing is done primarily by rich investors as well as financial organizations such as investment banks (Basics of Venture Capital Financing, http://finance.mapsofworld.com/equity/basics-of-venture-capital.html). During this process the investor’s only concern is to see some type of return on their investment. As discussed in class, a well developed business plan or a convincing elevator pitch can give these potential investors the ability to interpret what type of business you may be pursuing and how you plan to make it work. Most of all they want to know how you can give them a substantial return on their investment. They will do so by receiving dividends and some ownership in hopes that the company will one day have an Initial Public Offering (IPO), which will benefit everyone that either put time or money into that developing company.
As for the size and scope of the venture capital industry in the United States, “it is enormous,” (The Practical Lawyer, http://files.ali-aba.org/thumbs/datastorage/lacidoirep/articles/PL_TPL0702-Tannenbaum_thumb.pdf). In 2005, there were 2,200 reported venture capital transactions at an estimate of close to $20 billion in volume. That number grew in 2006, increasing to an annualized rate of $22 billion of total venture capital transactions. This may only be miniscule when compared to the entire economy in the United States at that time, but has been a booming industry that has continued to increase in volume until recently when our economy went under somewhat of a mini-recession. The Practical Lawyer also states that, “Venture Capital in the United States, however, is more than just another source of capital. It constitutes and industry, a culture, and a mystique that is uniquely American.” As of 2006, there were approximately 798 venture capital firms in the United States, and these firms managed about $236 billion (National Venture Capital Association, http://www.nvca.org/faqs.html).
According to recent studies, “the failure rate can be quite high, and in fact, anywhere from 20 to 90 percent of portfolio companies may fail to return on the VC’s investment,” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). Though most of these investments fail, the ones that succeed usually earn a return on investment anywhere from 300 to 2,000 percent. This is an astronomical amount of money, and is one of the reasons that venture capitalists are known as moderate risk-takers. Most venture capitalists provide their investments for the long-term and not so much for the short-term, which provides that they will more than likely back the company even in the roughest of times for the fact that it is their money at stake. Venture Capitalists usually invest in young, private companies that have great potential for innovations and growth.
If you are wondering where these venture capitalists obtain this vast amount of wealth to make such a risky investment, “they raise their funds from institutional investors, such as pension funds, insurance companies, endowments, foundations and high net worth individuals” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). There are obviously inherent risks, but if the ideas are good and there is a valid business plan that has the potential for growth and innovation, then companies will find viable opportunities to help them through the seed, start-up, second, third, and bridge/pre-public stages with lucrative success in the balances. For those who do make it, they are considered great success stories and should be validated as such.
Venture Financing basics provide that venture capital financing is done to provide capital to companies that have started to do business. This type of financing is done primarily by rich investors as well as financial organizations such as investment banks (Basics of Venture Capital Financing, http://finance.mapsofworld.com/equity/basics-of-venture-capital.html). During this process the investor’s only concern is to see some type of return on their investment. As discussed in class, a well developed business plan or a convincing elevator pitch can give these potential investors the ability to interpret what type of business you may be pursuing and how you plan to make it work. Most of all they want to know how you can give them a substantial return on their investment. They will do so by receiving dividends and some ownership in hopes that the company will one day have an Initial Public Offering (IPO), which will benefit everyone that either put time or money into that developing company.
As for the size and scope of the venture capital industry in the United States, “it is enormous,” (The Practical Lawyer, http://files.ali-aba.org/thumbs/datastorage/lacidoirep/articles/PL_TPL0702-Tannenbaum_thumb.pdf). In 2005, there were 2,200 reported venture capital transactions at an estimate of close to $20 billion in volume. That number grew in 2006, increasing to an annualized rate of $22 billion of total venture capital transactions. This may only be miniscule when compared to the entire economy in the United States at that time, but has been a booming industry that has continued to increase in volume until recently when our economy went under somewhat of a mini-recession. The Practical Lawyer also states that, “Venture Capital in the United States, however, is more than just another source of capital. It constitutes and industry, a culture, and a mystique that is uniquely American.” As of 2006, there were approximately 798 venture capital firms in the United States, and these firms managed about $236 billion (National Venture Capital Association, http://www.nvca.org/faqs.html).
According to recent studies, “the failure rate can be quite high, and in fact, anywhere from 20 to 90 percent of portfolio companies may fail to return on the VC’s investment,” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). Though most of these investments fail, the ones that succeed usually earn a return on investment anywhere from 300 to 2,000 percent. This is an astronomical amount of money, and is one of the reasons that venture capitalists are known as moderate risk-takers. Most venture capitalists provide their investments for the long-term and not so much for the short-term, which provides that they will more than likely back the company even in the roughest of times for the fact that it is their money at stake. Venture Capitalists usually invest in young, private companies that have great potential for innovations and growth.
If you are wondering where these venture capitalists obtain this vast amount of wealth to make such a risky investment, “they raise their funds from institutional investors, such as pension funds, insurance companies, endowments, foundations and high net worth individuals” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). There are obviously inherent risks, but if the ideas are good and there is a valid business plan that has the potential for growth and innovation, then companies will find viable opportunities to help them through the seed, start-up, second, third, and bridge/pre-public stages with lucrative success in the balances. For those who do make it, they are considered great success stories and should be validated as such.
Patents
Patents
Christopher Black, MGT 386, 12/04/2008
A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office (http://www.uspto.gov/go/pac/doc/general/#patent). Technically a patent is used in order to make sure that other people cannot use your invention for any reason. After receiving a patent you have 17 years from the date the application was filed. These patents are only enforced within the borders of the United States. Typically there are three different types of patents. Utility patents are those that are granted to an inventor or a person that discovers any new process, machine, composition of matter, or improvement of any kind. Design patents are used for a case when a person invents a new article of manufacture and a plant patents is granted for a discovery or new invention of a plant and asexually reproduces it. After an inventor has established a product it is important to make sure that they follow the proper guidelines to protect the product. It can be expensive and usually requires a patent attorney. To receive a U.S patent there are twelve steps that should be taken for the inventors safety. For example, the inventor of the memory card, data exchange system, and date exchange method that filed for the patent November 27, 2008 had to follow these next steps (http://www.freepatentsonline.com/y2008/0295180.html). First, preparation and submission of a disclosure in written form to designated company managers of the idea for initial review and summary evaluation. It is then reviewed by designated company managers of the idea and then its technical working essentials are identified and determined if they meet the patent merit requirements. The company managers then decide whether and how to proceed with commercial development of the idea and whether or not to seek patent protection. Next, an in-person meeting with the inventor, patent counsel, and company managers is held to help determine and decide what is or should be the broadest possible innovation in commercial and non-commercial terms; and to detail and characterize inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Then, the first draft text of the patent application is prepared, revision of the first draft, a second draft is prepared and the final changes are made to the application. Lastly, the required documents and fee payments are submitted along with the final approved patent application manuscript (http://ezinearticles.com/?Twelve-Steps-To-Filing-A-U.S.-Patent-Application&id=253307.). This total process results in at very least 58 hours of time and $9,360. A patent search is not necessary but is highly recommended. In order to receive the proper credit for your product a patent is necessary. Receiving a patent is hard work, expensive, and time consuming but in the end it is worth it.
Christopher Black, MGT 386, 12/04/2008
A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office (http://www.uspto.gov/go/pac/doc/general/#patent). Technically a patent is used in order to make sure that other people cannot use your invention for any reason. After receiving a patent you have 17 years from the date the application was filed. These patents are only enforced within the borders of the United States. Typically there are three different types of patents. Utility patents are those that are granted to an inventor or a person that discovers any new process, machine, composition of matter, or improvement of any kind. Design patents are used for a case when a person invents a new article of manufacture and a plant patents is granted for a discovery or new invention of a plant and asexually reproduces it. After an inventor has established a product it is important to make sure that they follow the proper guidelines to protect the product. It can be expensive and usually requires a patent attorney. To receive a U.S patent there are twelve steps that should be taken for the inventors safety. For example, the inventor of the memory card, data exchange system, and date exchange method that filed for the patent November 27, 2008 had to follow these next steps (http://www.freepatentsonline.com/y2008/0295180.html). First, preparation and submission of a disclosure in written form to designated company managers of the idea for initial review and summary evaluation. It is then reviewed by designated company managers of the idea and then its technical working essentials are identified and determined if they meet the patent merit requirements. The company managers then decide whether and how to proceed with commercial development of the idea and whether or not to seek patent protection. Next, an in-person meeting with the inventor, patent counsel, and company managers is held to help determine and decide what is or should be the broadest possible innovation in commercial and non-commercial terms; and to detail and characterize inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Then, the first draft text of the patent application is prepared, revision of the first draft, a second draft is prepared and the final changes are made to the application. Lastly, the required documents and fee payments are submitted along with the final approved patent application manuscript (http://ezinearticles.com/?Twelve-Steps-To-Filing-A-U.S.-Patent-Application&id=253307.). This total process results in at very least 58 hours of time and $9,360. A patent search is not necessary but is highly recommended. In order to receive the proper credit for your product a patent is necessary. Receiving a patent is hard work, expensive, and time consuming but in the end it is worth it.
Steps to File for a Patent
-Steps to file for a patent-
By Melanie Brown, MGT 386, 12/5/2008
1. You must have a title for an invention
2. An attorney docket number is not required but may help when searching for the patent application
3. First name of the inventor.
4. There is an option for a middle name but it is not required.
5. Last name must be provided
- Each inventor must be named, using the steps listed above, but the first name will be the first named inventor.
6. A correspondence address must be provide if the eFiler does not have a customer number
-customer numbers will be provided by the USPTO and are used to simplify the submission of an address change, to appoint a practitioner, or to designate the fee address for a patent.
7. List the files that need to be submitted. Files that are submitted must be in .pdf, .txt, or .zip format.
-you must select the option yes or no if your .pdf file has multiple documents.
8. Use the category box to describe the document overall.
9. The document description box is provided to describe all the form and documents that are received and processed in the USPTO. The descriptions should have corresponding document code which are established and managed in IFW.
10. You are given the option to review your files and attach more files if needed.
11. Select your current business is a large entity or small entity.
12. Select if you are changing your business size from a large entity or small entity, or visa versa.
13. Select all patent application filing fees that apply to you.
14. Select all claims that apply to your application as well.
15. Select your petition filing fee that apply to your application.
16. Confirm and submit your application.
17. Pay fees
18. Confirm the method of payment you have chosen.
19. Save and/or print out receipt.
http://www.uspto.gov/ebc/portal/sandbox/efs0-3-0.htm
I believe that a patent search is necessary. You have to be extremely detailed when filing for your patent. You also need to know if someone else has already had any of the same idea as you. Also being more detailed keeps other people from using your ideas. The more detailed you can be the better off you will be.
By Melanie Brown, MGT 386, 12/5/2008
1. You must have a title for an invention
2. An attorney docket number is not required but may help when searching for the patent application
3. First name of the inventor.
4. There is an option for a middle name but it is not required.
5. Last name must be provided
- Each inventor must be named, using the steps listed above, but the first name will be the first named inventor.
6. A correspondence address must be provide if the eFiler does not have a customer number
-customer numbers will be provided by the USPTO and are used to simplify the submission of an address change, to appoint a practitioner, or to designate the fee address for a patent.
7. List the files that need to be submitted. Files that are submitted must be in .pdf, .txt, or .zip format.
-you must select the option yes or no if your .pdf file has multiple documents.
8. Use the category box to describe the document overall.
9. The document description box is provided to describe all the form and documents that are received and processed in the USPTO. The descriptions should have corresponding document code which are established and managed in IFW.
10. You are given the option to review your files and attach more files if needed.
11. Select your current business is a large entity or small entity.
12. Select if you are changing your business size from a large entity or small entity, or visa versa.
13. Select all patent application filing fees that apply to you.
14. Select all claims that apply to your application as well.
15. Select your petition filing fee that apply to your application.
16. Confirm and submit your application.
17. Pay fees
18. Confirm the method of payment you have chosen.
19. Save and/or print out receipt.
http://www.uspto.gov/ebc/portal/sandbox/efs0-3-0.htm
I believe that a patent search is necessary. You have to be extremely detailed when filing for your patent. You also need to know if someone else has already had any of the same idea as you. Also being more detailed keeps other people from using your ideas. The more detailed you can be the better off you will be.
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