Have you ever thought about getting a patent for an idea or invention? The process is expensive, so you should make sure that you are spending your money wisely. I asked several knowledgeable sources about the patent process and these are the key responses I received.
New restrictions. Erik Paul Belt, patent litigator at McCarter & English and president of the Boston Patent Law Association, says, “New law has made some software- and business-method-related inventions, as well as some medical diagnostics, ineligible for patent protection. But that doesn’t mean that a small business should give up on patents.”
“Hiring the right patent attorney, who is strategic about crafting patents that avoid the new restrictions, is essential. For many small businesses — not just in the tech and life sciences sectors, but also in consumer products and manufacturing — patent portfolios are their greatest assets and enable them to outcompete their rivals. Robust patent portfolios will also attract prospective investors and buyers.”