Are software patents worth it? The answer is yes. In this article, we explain why and how you can use them to protect your intellectual property.
Whether or not you agree with software patents—and whether or not you can afford to fight them—it’s important to understand the law behind them.
Is it possible to patent software? Most people think no, because software can be thought of as “abstract ideas” rather than tangible things. But this isn’t true: There’s a process called “prior art” that allows inventors to protect intellectual property through patents.
What is a Software Patent?
A patent is a legal document that describes how the invention works, who made it, and what it looks like. When software companies apply for patents, they have to describe not only the software’s algorithms but also its source code (the computer code that creates the program) and its graphical user interface (the screen layout of the software). As a result, software patents have become one of the most lucrative areas of IP law.
Intellectual Property
An intellectual property (IP) is a kind of protection that is granted to an inventor, designer, artist, author, or business owner to control their ideas and creations and prevent others from copying, reproducing, or selling their product without permission. It’s the legal right granted to creators to protect their creations.
There are a lot of different ways to protect intellectual property. The two most common ways to protect your IP are patents and copyrights. Patents are granted to inventors.
Copyrights are granted to authors, composers, and artists. These rights last for a fixed amount of time.
There are many different ways to protect your intellectual property. If you’re an inventor, you need to patent your invention. If you have an idea for a new product, trademark it. A brand is different than a patent or trademark. It’s a symbol that tells the world who you are. People see your brand and they associate it with your company. And if you’re a business owner, protecting your brand is one of your highest priorities.
Why Software Patents Matter?
Patents have been around for over 200 years and were originally designed to ensure that inventions were properly protected. Today, software patents can often seem to be a nuisance. But they really matter in the business world, because they can protect inventions that are used to build businesses.
These can be inventions that are essential to the business and that help the company stay afloat. This makes it important to understand the history of patents and how they work.
How The Patent Process Works?
While patenting can take years, the application process itself is quite simple. At its core, patent law is a series of questions that address the following areas: novelty, non-obviousness, utility, and written description.
A person may file an application with the United States Patent & Trademark Office (USPTO) through the Electronic Application System (EAS), and the USPTO may request additional documents during the course of examining the application. If the applicant thinks the patent application is lacking in one or more areas, s/he may file a request for an examination interview or a request for continued examination.
A patent is granted when a patent office finds that a patent is valid. The patent office looks for prior art that shows that the invention was previously patented or publicly known. Once the patent office approves the patent, the applicant receives a certificate of originality, and it is published in the Official Gazette.
How Much Does a Software Patent Cost?
Software patents cost about $1,000 to file and roughly $8,000 to litigate. On average, a successful patent application yields a patent that covers between 15 and 25 percent of the technology at issue. So for a typical patent case, lawyers bill $12,000-$25,000 to litigate a case that could be settled for around $5,000.
Are Software Patents Worth It?
A patent is a legal document which states the inventor’s original idea for a new product, method, or process, and provides protection against others copying or imitating it.
Yes. Software patents help protect innovation in our society by providing a stable patent environment that encourages inventors to develop new ideas. In fact, software patents are so important to the technology sector that even those who oppose patents at all levels recognize the value of these patents.
Why Some Companies Think Patents are Bad?
Patents are a kind of intellectual property. They protect the owner’s innovation from imitation or use by others. If you’re considering whether to patent your invention, it’s important to understand why some companies think patents are bad.
When it comes to intellectual property, I often hear companies say something along the lines of, “We’ve never seen a patent that was worthwhile.” In some cases, that may be true. But I always respond by asking, “Why did you bother getting a patent in the first place?” A patent is a legal mechanism for protecting the value of an invention. It is not a tool to avoid competition. And the fact that a company has a patent doesn’t mean it’s the only company that can produce a product or service like the one covered by the patent.
What is the Benefit of Getting a Patent?
There are various types of patent. There are some who do not believe in getting a patent. Some others believe that they get patents just to make money. And there are some who think that a patent will be the only way to protect the intellectual property of their invention.
1. Protects Inventors
A patent allows an inventor to own the rights to their invention for a set amount of time. This prevents others from making, using or selling the invention. A patent provides a financial incentive for inventors to protect their work. The USPTO maintains a database of patents granted each year.
2. Makes Patents Valuable
Once a patent is issued, it becomes valuable. The more patents that are filed, the higher the price of a given patent. The USPTO allows only a limited number of patents to be filed in any given year.
3. Enables Innovation
Inventions that are not protected by a patent have the potential to be copied. This may result in lower prices and less innovation. Patents provide protection against this threat by allowing inventors to file for a patent and keep others from copying their inventions.
4. Improves the Market
The patents that are granted are usually awarded to companies that market their products. The USPTO’s goal is to increase the availability of patents, making it easier to file for them and ensuring they are issued.
5. Gives You Equity
When a patent is issued, it gives you equity. Equity means that you are entitled to part of the company’s profits. If the company is successful, then your share will grow.
6. Helps You Get Funding
Companies and venture capitalists will fund projects only if they see a demand for the product. As long as a patent is available, they can invest in the product without the risk that someone else might copy their ideas and sell their products before.
READ MORE: How To Get Funding For Software Development
Conclusion: Are Software Patents Worth It?
In conclusion, the jury is still out on whether software patents are good for innovation or stifle it. In the short term, however, they may help spur innovation, at least in certain areas of technology. That being said, it’s difficult to argue that software patents are worth the cost of litigation or, in many cases, the damage to the public’s understanding of the issues.