Moreover, a patent is a property right that gives the patent holder the right, for a limited time, to exclude others from making, using, offering to sell, selling, or importing into the United States the claimed invention in exchange for a full disclosure of the invention. In simplified terms, a patent is a way of protecting an invention (any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof).

Therefore, without a patent, anyone can legally make, use, sell or import your invention.

Note: Ideas are not patentable, but rather the knowledge of how to make and/or use the idea is patentable.

To be patentable the law specifies three primary patentability requirements wherein the subject matter of the invention must be:
• Useful – To have utility as in an invention must be capable of some beneficial use.
• Novel – The invention must be new (different from the prior art) and an invention is not new if it has been described in a printed publication, known or used by others, or has been in public use or for sale. If an invention is not new, then the invention is not patentable (i.e., anticipated by the prior art).
• Non-obvious If the differences between the invention sought to be patented and the prior art (what is known) would have been obvious to a person having ordinary skill in the art then the invention is obvious and not patentable.

Example: Obvious non-patentable subject matter includes the substitution of one color for another, or changes in size or obvious changes or improvements over the prior art.

Take Action. Be proactive in implementing an Intellectual Property Strategy and identifying new innovations. Do not limit activities to current products and services – look for unmet needs in related markets and develop innovative ideas in those areas as well. These developments in related markets provide opportunities for product expansion as well as licensing to generate additional revenue. Also, look for ways to extend existing products or services by identifying future needs of the marketplace. Evaluate current trends in your market and brainstorm on how to meet future customer needs as those trends evolve.

Evaluate. Review all innovations to determine how they can support the company’s current and future goals. When a new innovation is identified, quickly perform an initial analysis to identify any potential deadlines regarding protection of that innovation. Certain types of intellectual property protection have strict filing deadlines and other requirements to preserve your rights.

Existing Assets. Evaluate your existing IP assets to determine whether they are consistent with your current business plan. As your company’s business objectives change, look for new ways to leverage your existing IP assets – through licensing, marketing and so forth. Take steps to ensure that all of your company’s existing innovations are identified and, if appropriate, properly protected. It may be difficult, or impossible, to fully leverage an IP asset if it is not protected.

Review your business goals today and begin developing an Intellectual Property Strategy that supports and enhances those goals.