In 2017, the United States Patent and Trademark Office (USPTO) issued 318,849 utility patents. Patent applications have increased by 5.2% since 2016. The total number of applications was about 380,000. This is a positive sign for inventors and innovators.
The United States Patent and Trademark Office (USPTO) may issue its 10 millionth patent in 2018. This astounding milestone not only shows how far our society has come, but also underscores the need for a better understanding of intellectual property litigation.
Being stuck in a cubicle isn’t most people’s dream. If you’re like many Americans, you might be working a desk job and hustling away at your passions on the side. You may spend your time in the office dreaming of a way to escape 9-to-5 and be your own boss. If you’re an inventor, innovator, or entrepreneur, your new idea could be your way out.
You’ve put so much time and energy into your new invention and want to begin profiting off of it. You really think this idea has the potential to make you some serious cash. Maybe it could. But the odds are if you thought of the idea, someone else is going to think of it soon after, if they haven’t already.
According to a 2005 survey, half of all new inventions were created by accident. It starts like this: Someone sees a problem, they become passionate about the solution to that problem and the rest…well, the rest becomes a success story. So, do you have a problem, and a creative solution?
With 30,000 new consumer products created every year, it’s hard to imagine how you can find your own space in such a crowded market. There’s also a high percentage of failure for new products, but that’s because most companies lose focus on creating a minimum viable product. Using the right tools can help you create a strong MVP.
No matter how good your idea may be, it isn’t worth much until you can find a way to build a business around it. Yes, while there are successful inventors out there who strictly license patents out to companies, they are extremely rare and typically have a pre-existing relationship with an industry.
Every would be inventor or entrepreneur has that moment in their life, where with a flash of lightning it hits them. The idea. The one that can change the world and solve the problems that has been facing society for too long!
Every inventor wonders what happens once they file their invention and send it to the patent office. To most, the world of the patent examiner is a closed box (which can be pretty scary as they often hold the keys to the success or failure of a project), but they have an important job: protecting innovation in our society.
The Adibi IP Group has built a team of motivated patent law experts working with some of the most innovative entrepreneurs and businesses in the country. We help inventors at all levels, from founders, to engineering teams, PE funds, and executives, achieve outsized returns from their IP. Connect today and learn why groundbreaking companies across the world trust us.
