You’ve invented the next big thing; you want your millions upon millions of dollars and world-wide fame.  The question – how do you protect your invention?  In many cases, this means that you will apply for a patent.

What Is A Patent?

A patent protects unique designs, processes or new ideas.  They must fill out a patent application that s then reviewed by the Patent Office.  Many people apply for patents in order to protect their invention from being used (and usually profited) by others.  However, the patent will only protect your invention for a certain number of years, once your patent expires anyone can replicate your invention.

What Is The America Invents Act?

The House passed the American Invents Act to change how the U.S. grants patents and award them to the party which is “first to file” an invention.  This is different from the current system which awards a patent to the first to invent.  The goal of this bill is to simplify the patent process for companies that file applications in multiple countries.  Before the bill is signed into law, it must be sent to the President to be signed into law.

Additionally, besides changing how patents have been awarded for the last 60 years, the bill wants to improve patent quality by creating a new process for reviewing patents after they’ve been issued.  The bill also stops inventors from receiving patents on tax strategies.  On the other hand, the banking industry will find it easier for banks to get re-examination of patents on financial business processes (like check-scanning).

Why Do Some People Oppose The America Invents Act?

Not everyone is happy about this change in the patent process.  Some small businesses complained that this switch would give larger companies a major advantage and cited that there was no reason to change the U.S. system.  Others pulled their support over how the patent offices would now be funded.  Currently, the patent office runs on the fees it collects, but over $800 million in patent fees have been diverted to other programs over the last 2 decades.  The hope is that by allowing the patent office to keep all the fees they collect, they would be able to expand and decrease the time it takes to review a patent application.

What do you think?  Should patents be granted on a first to file or a first to invent basis?

To learn more about patent law check out LawInfo. To speak with a patent attorney, click here to find qualified legal representation