The High Cost of Patent Infringement

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Patent Law and other Invention topics.

What is patent infringement?

The High Cost of Patent Infringement

Patent, trademark or copyright infringement is when a person or company uses a protected invention or creation without the permission of the rights holder.

If you follow patent law, you may have noticed a trend towards massive infringement settlements. Our economy, now heavily dependent on knowledge-based industries such as software, telecommunications, biotechnology, and pharmaceuticals, takes infringement very seriously. A single patent, infringed, can mean the difference of millions of dollars lost or won in litigation – and even more in terms of long-term revenue and profit.

The piracy of business software alone costs US companies more than $12 billion a year, according to estimates from the Software & Information Industry Association (SIIA) which is the principal trade association for the software and digital content industry. And most of this software piracy takes place most commonly in the office.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Invention Tip Site? Request a Tip Now!


Guru Spotlight
Heidi Splete