Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Obtaining a Patent and other Invention topics.
If you've come up with a new invention idea or novel product, you'll want to consider obtaining a patent. If you begin searching the subject of patenting online or at the library, you'll soon discover it seems overwhelming and advanced. While patent law can be highly technical, what a patent does is relatively easy to understand.
While you have patent protection for your invention, it excludes anyone else from receiving monetary gain from your idea unless you say they can through a license agreement. A patent is like owning a piece of property except that your novel product is the property. Patents are obtained through the US Patent and Trademark Office and ensure no one can make, use, offer for sale or import for sale the idea you have invented.
A patent is offered from the US government for a specific time period, and a patent application can only be submitted by the actual inventor or inventors. If you have been tinkering in your garage and discover or create a new product, you should immediately begin researching if it can be patented. If you don't, you may lose the ability to reap exclusive financial rewards of your hard work.