What is a patent business plan?

A patent business plan is a plan created to ensure that a business has taken steps to protect its intellectual property from infringement. It is the plan that a business uses to determine if they need to acquire a patent, as well as the steps necessary to protect the invention once a patent is granted. In general, the plan will include a description of the invention, the steps necessary to protect the invention, the market for the invention, how the invention will be marketed, and an estimate of the costs associated with filing the patent application and protecting the invention. In the state of South Dakota, patent business plans are of particular importance as two types of patents are offered, utility and design. Patent applications are filed with the U.S. Patent and Trademark Office and include detailed descriptions of the invention, a claim of ownership, and a request to issue a patent. The patent application will be examined by the USPTO and if the patent is granted, the invention will be protected by law from being copied or used without the owner’s permission. A patent business plan ensures that a business has taken the necessary steps to protect its invention. It also provides information on the market for the invention, how the invention will be marketed and an estimate of the costs associated with filing the patent application and protecting the invention. Patent business plans help businesses ensure that they are taking the necessary steps to protect their intellectual property from infringement.

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What is a patent business plan?

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