In order to be SOX compliant, it is imperative that you keep track of your patent portfolio. A thorough IP audit requires organization. Ironically, companies will pay more for the procurement of patents than they will for organizing and managing IP portfolios. With IP Street, we can help you navigate your own IP landscape and quickly organize your portfolios. With our promise of ongoing innovation, we can further develop tools you need to make this organization possible.

There are three types of different patents (1) Utility Patents: Issued for the invention of a new and useful process, machine, manufacture, or composition of matter, or a new and useful improvement thereof, it generally permits its owner to exclude others from making, using, or selling the invention for a period of up to twenty years from the date of patent application filing ++, subject to the payment of maintenance fees. Approximately 90% of the patent documents issued by the USPTO in recent years have been utility patents, also referred to as "patents for invention." (2) Design Patents: Issued for a new, original, and ornamental design for an article of manufacture, it permits its owner to exclude others from making, using, or selling the design for a period of fourteen years from the date of patent grant. Design patents are not subject to the payment of maintenance fees. (3). Plant Patents: Issued for a new and distinct, invented or discovered asexually reproduced plant including cultivated sports, mutants, hybrids, and newly found seedlings, other than a tuber propagated plant or a plant found in an uncultivated state, it permits its owner to exclude others from making, using, or selling the plant for a period of up to twenty years from the date of patent application filing. Plant patents are not subject to the payment of maintenance fees.

Although most inventions will be concerned with the rights a patent grants during its monopoly or in-force period (from the date the patent issues until it expires (20 years after the filing date)), the law actually recognizes five "rights" periods in the life of an invention. (1) Invention conceived but not yet documented: When an inventor conceives of an invention, but hasn't yet made any written, signed, dated, and witness record of it, the inventor has no legal rights whatsoever, only the potential for acquiring rights. (2) Invention documented but patent application not yet filed: After making a proper, signed, dated and witnessed documentation of an invention, the inventor has valuable rights against any inventor who later conceives of the same invention and applies for a patent. An inventor who documents the building and testing of the invention has substantially greater rights than one who merely documents conception. During this period the invention may also be treated as a "trade secret" this is, kept confidential. This gives the inventor the legal right to sue and recover damages against anyone who immorally learns of the invention, for instance, through industrial spying. (3) Patent Pending - Patent application filed but not yet issued: During the patent pending period, including the one year period after a provisional patent application is filed, the inventor's rights are the same as they are in period 2 above for the most part. Otherwise, the inventor has no rights whatsoever against infringers, only the hope of a future monopoly, which doesn't commence until a patent issues. Most companies that manufacture a product this is the subject of a pending patent application will mark the product "patent pending" in order to warn potential copiers that it they copy the product, they may have to stop later if and when the patent issues. The PTO by law must keep all patent applications preserved in secrecy until the application is published or the patent issues. The patent pending period usually lasts from one to three years. (4) In-force patent - patent issued but hasn't yet expired: After the patent issues, the patent owner can bring and maintain a lawsuit for a patent infringement against anyone who makes, uses or sells the invention without permission. The patents in force period last from the date it issues until 20 years from its filing date, provided maintenance fees are paid. Nearly every patent is guaranteed an in-force period of at least 17 years. In order to assure this 17-year term, the patent will be extended, if necessary, to compensate for delays resulting from failures by the PRO in processing the patent application. Also, once the patent issues, it becomes a public record or publication that can block others who file later from getting patents on the same or similar inventions, that is, it becomes "prior art" to anyone who files after its filing date. (5) Patent expired: After the patent expires (20 years after the filing date, or sooner if a maintenance fee isn't paid), the patent owner has no further rights, although infringement suits can be brought for any infringement that occurred during the patent's in-force period. An expired patent remains a valid "prior art reference" (as of its filing date) forever. IPStreet.com's patent search tools and resources will help you better understand if your idea is patentable, the duration of a patent and complex patent analytics.

Knowledge is power in developing and implementing strategy. Ignorance is not a defense nor an excuse in attempts to navigate the IP landscape. Utilizing our tools, we can help you understand more about your patent portfolios so that you can executive better business strategies.

Joseph Schumpeter, known as the Prophet of Innovation, describes the importance of inventors in his Theory of Economic Development. Inventors are the "fiery-spirits" that disrupt the status quo with their vision of doing things 'better, faster, cheaper.' In the process, their inventions represent "the heroic intervention of individual men (or women) who appear as leaders toward new economic shores." We believe that intellectual assets, commonly taking the form of patented technology, are the least-understood and most-relevant resources to stimulate economic development through innovation. To make this happen, intellectual property (IP) needs to be more comprehensively understood so that better business decisions can be executed. This is why we are in business. An invention must have economic utility to benefit society. Some times, inventions are way before their time. However, most of the time, the business execution to commercialize the invention fails. In fact, those that conceptualize the invention rarely reap the rewards of the innovation's ultimate success.