Essentials of Patents

By Andy Gibbs; Bob Dematteis | Go to book overview

CHAPTER 1
Patents: High Stakes,
High Value, High Liability
After reading this chapter you will be able to
Understand what a patent is, what types of patents there are, and how to protect them
Learn how to file patent applications, including important new proposed 2003 Patent Office Rules
Understand the value of patents to a corporation in terms of shareholder value, market positioning, and licensing revenues

America has a rich history of patents. The U.S. patent system was created in 1790 by an act of President George Washington. His intention was to spur innovation and industrial development in a burgeoning country. Little did he know that he was building the foundation for America's future economic strength. America was destined to become the most dynamic, inventive country in the world. This very patent system, established more than two centuries ago, is the foundation of our country's dynamic prosperity leading into the twenty-first century.

Entire industries have been created based on the granting of patents. Edison, Westinghouse, Singer Sewing Machines, Levi Jeans, and General Electric are only a fraction of those companies that came into existence based on the security of patent protection. Even today, the Pullman brakes used in trains are the original units developed by

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