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Check My Assignment!You will need to “peer review” the submission of one of your colleagues and provide feedback to them in terms of whether you agree or disagree with their comments, and why.
In evaluating this assignment, you should look for (1) the benefits and costs clearly outlined (10 points), sources cited (5 points), grammar and spelling (3 points), and organization and readability of the response (2 points)
One-page double space
No any sources.
My colleagues assignment:
I generally agree that obtaining a patent is a good idea. As the value of intellectual property becomes more and more important, the benefits of patents are increasingly recognized. At the same time, patent development and application will also meet many uncertain factors and risks.
Many creation and invention can be patented in the United States, but not in other countries that do not value intellectual property. Patent applications can be divided into four categories, which are utility patents, covering new products or improving product, service, process or machine creation; design patents, including object design, structural design, decorative design, etc.; plant patents, including the discovery of asexual reproduction methods of new plant varieties; and business method patents, refer specifically to business methods and basic computer code, procedures, and techniques. (J. Chris Leach, 2018)
Obtaining a patent brings many benefits. The first advantage is through patent application, the core knowledge and results of the invention can be protected within a predetermined time; the second advantage is without the patent holder’s permission, any enterprise or Individuals cannot sell, produce or use, the third advantage is to increase the stock of intangible assets and improve the grade of the company, the fourth advantage is to have a certain advertising effect, which is conducive to the increase of product brand awareness and sales volume and the last advantage is the opportunity togain more profit.
However, the R&D process of the patent also faces a lot of cost and risk issues, such as the cost of human resources in the early stage; the cost of facilities, equipment, and materials; the cost of renting R&D funds; the time and opportunity cost of developing R&D of the patents and high failure rate that R& D process takes.
Here is an example that I searched from the website shows the basic price for a small start-up firm wants to patent a unique alarm clock.
“Patent search with a lawyer’s opinion: $2,000,
Creating and filing a provisional patent application: $2,500
Filing the utility patent with the USPTO: $130 (cost for a small entity)
Non-provisional patent application based off provisional filing: $10,500
The filing fee to the USPTO for non-provisional patent application: $800 (cost for a small entity)
Professional illustrations for non-provisional patent application: $400
Total cost: $16,330”
So a successful application for a small patent can cost tens of thousands of dollars, and the more complicated the invention may be more expensive.
Reference:
J.Chris Leach& Ronald W. Melicher, Entrepreneurial Finance, Sixth Edition, 2018, Page.107-110
NIBUSINESS INFO, Get patent protection for your business, sourced from:
Jehangir Choksi, Bereskin & Parr, The Benefits And Costs Of Patent Protection, sourced from: http://canrev.ieee.ca/canrev32/choksi.pdf
How Much Does a Patent Cost: Everything You Need to Know, sourced from:
