What is a Patent and why individual or company needs one?
What the heck is a patent and why every company/individual and specially engineer needs one. Engineering is allabout solving real-world problems whileproblem-solving you would be exercisingan enormous amount of creativity that is unique to you simply put a patent is government stamp that recognizes your creativity in solving a problem you may all have gone to the same engineering college where the same text books and learn the same techniques but there will be significant variations in everything from the way you view the problem to the way you solve it the solution when looked closely would be as unique as your fingerprint and like a painting each one would be beautiful in its own way a patent appreciates and reward you for the ingenuity in your solution quite literally a patent is to an engineer what a canvas is to an artist or a book to an author but how does patent help inventors like you think of a patent as a blog it's where you tell your story oaf problem and how you solved it and it’s for the entire world to read and learn from it the difference being while blog may earn you a few thousand bucks aspen can potentially our new millions if all this sounds impractical to you take one look at the one click pen that belongs to Amazon this patent is for the idea of letting online buyers to make purchase with just a single click of abut with this buyers don't need to enter credit card information or billing address every time they make a purchase previously entered information is used to automatically complete the purchase this idea is so cool that the king of cool Apple licensed the patent for use on iTunes so the patents can be very rewarding but what essentially is appetent a pen is a deal between the inventor and the government the government in this case represents the interest of public alarm the inventor is teaching the world a new solution to problem in return the government promises an exclusive right on the solution to the inventor in other words anyone who wants to use the solution described in a pen should pay royalties to the inventor for using patented technology just like apple pays royalties to Amazon for using the technology described in one click patenting iTunes so the inventor gets rewarded for the creative efforts while the public acquires new knowledge via the patent that is a really good deal awing-win for everyone in a way a patent is similar to a lease agreement for real estate property you get rights to use the property in return of paying money to the owner now you may want to say oh this sounds awesome but I’m just a student let's look at some common myths about patents you need tube a genius to come up with a patent where the idea you need a groundbreaking idea for a pen you need a lot of money to get a patent while it is true that some of the greatest inventions have come from extraordinarily brilliant minds it's the exception and not the norm according to one study less than 2%of the inventions may be considered breakthrough the majority 75% of inventions are actually improvements on existing techniques indeed over fifteen percent of inventions are solutions that one may consider a parent for example the amazon one click patent is apparent for almost everyone but amazon was the first one to think of the idea and patent it so yes you too can come up with a patent worthy idea you just may solve a real-life problem or improve existing solutions and if you thought inventing is a laborious process requiring you to spend endless hours in laboratory here's good news for you patenting is easy you can understand a lot with online law courses in india have tactually build anything to get a patents long as your solution appears workable based on known engineering principles you are good to go so you don’t even have to build prototypes to show how the invention works so much so there are billion-dollar companies whose sole business model is in conceiving and patenting ideas even if they don’t manufacture any products using those ideas IBM patents almost everything your engineers can think of it may look like that panting is something only companies with a lot of money to rock on battening is cheap governments provide huge discounts to individual inventors who wish to file for patents in many country individual inventors have to just pay quarter of the filing fee paid by big companies I have successfully done Patent registration in India and design patent registration can vouch for this - also patent professionals are patent agents. And to become a patent agent you need to clear exam only proper preparation can help you become one but its easier today then ever with patent agent exam online courses you can learn and clear exam easily. can hold your hand through the patent process patent professionals help inventors with drafting and filing the patent all rights the process of getting a patent doesn’t seem like a big deal but finally having a patent is a big deal for starters it's just umber cool to be known as an inventor the very word conjures up images of great minds like Thomas EdisonTesla Larry Page and Steve Jobs there’s no telling of the powerful impression that this one word creates with just this title you are already a league apart at the least a patent will add huge value toy our resume if you were going for a job interview a pen will immediately differentiate you from the crowd branding Assad having a pen or even having applied for one is a prerequisite if you were thinking of starting your own startup company have you heard of shark tank it's a TV show where entrepreneurs can pitch their ideas and get a funding watching a couple of episodes would convince you beyond doubt that investors don't take your idea seriously unless you yourself do and that means respecting and protecting your idea by a pen but the greatest impact probably lies on how your pen can earn for you while you sleep patents are typically licensed to manufacturers at royalty rate that may vary from two percent to seven percent of retail sales that means every time someone buys the patented product costing say a hundred dollars your bank account is credited with seven dollars and you can enjoy this commission for as long as the patented product is selling in the market or until the patent expires thesis one of the smartest and most powerful passive income streams that can guarantee wealth creation like no other but is now really a good time to get appetent no now is the time the more you delay the lesser your chances of getting patent that's because it's very likely that someone else with a similar idea may file for a patent before you and the Patent Office follows the maxim the early bird gets the patent remember Larry Page filed a patent for his page ranking algorithm used by Google while still in college this algorithm is the bedrock on which the whole company Google was launched so if you have an idea pad now hope this video motivates you to innovate and file patents.