1Patents ' 101Rii,a'Ka.la,'Stan f ordDavid'Hsu,'Wh arton23Patents:'The'Basic'Facts• What'is ' patentab le?1.'Non‐obviou s• To'someone'in'the'field'(US),'or'inven.ve'(Europe)2.'Novel• Beyond'what'is'already'known/invented3.'Useful• To'anyone'(US),'to'industrial'user'(Europe)4.'Patentable• Not:'Laws'of'nature'(gravity),'natural'phenomena'(flora),abstract'ideas'(love)…5.'First'to:'invent'(US)'or'file'(Europe)4Patents:'The'Basic'Facts• Paten.ng'costs'approx.'$25,000'per'patent' (Lemley,'2000)5Patents:'The'Basic'Facts• Paten.ng'costs'approx.'$25,000'per'patent' (Lemley,'2000)Source: IFI, 2007 top-ranked US patent winners (awarded U.S. patents)6Patents:'The'Basic'Facts• Paten.ng'costs'approx.'$25,000'per'patent' (Lemley,'2000)• Inven.on'is'disclosed'publicly– Both'U.S.'applica.ons'(since'2001)'and'granted'patents'(since'1790)publicly'available• But…i n'return…Temporary'monopoly– Right'to'exclude'others'from'making,'using,'and'selling'the'inven.on78Patents:'The'Basic'Facts• Paten.ng'costs'approx.'$25,000'per'patent' (Lemley,'2000)• Inven.on'is'disclosed'publicly• Temporary'monopoly:– Right'to'exclude'others'from'making,'using,'and'selling'the'inven.on– For'20'years'from'the'date'of'applica.on• …'should'provide'an'incen.ve'to'innovate• …'creates'a'market'for'innova.on'(through'licensing)9Issue dateTitle Keywords: Tech DescriptionOther Cites:Science/KnowledgeCharacteristicsInventor, Assignee: OwnershipPatent Class: Tech ClassificationAbstract: Tech DescriptionClaims: Coverage of patentExaminer & Attorney /Law FirmA BETTERMOUSETRAPPatent Cites: “Prior Art”Filing date10License<3.5%Life'His t ory'of'a'PatentAppeals 2-3%,Interference <1%DivisionalsEnforce /Litigate 1.5%Office Actions(Cites + ~43%;Claims-)PeriodicRenewal3.5 yr ~85%7.5 yr ~65%11.5 yr ~43%Do Nothing>95%Grant*85%Application(propensity byind., 25-80%)R&DPatentOfficeInventA,orneysFirm'IPManagersAbandonPatentExpiration* According to the USPTO, grant rates have steadily declined from 71% in 2000 to 53% in 2006, but legal scholars place the figure much higher.11Source: B. Hall’s website12Some'Background'Reading• A.B.'Jaffe'and'M.'Trajtenberg,'Patents,'Cita.ons,'and'Innova.ons,'2002• B.'Hall,'A.'Jaffe,'M.'Trajtenberg,'2001'“The'NBER'Patent'Cita.ons'DataFile:'Lessons,'Insights,'and'Methodological'Tools,”'NBER'Working'PaperNo.'8498• W.M.'Cohen,'R.R.'Nelson,'J.P.'Walsh,'2000'“Protec.ng'Their'IntellectualAssets:'Appropriability'Condi.ons'and'Why'U.S.'Manufacturing'FirmsPatents'(Or'Not)”'NBER'Working'Paper'No.'7552• J.R.'Allison,'M.A.'Lemley,'K.A.'Moore,'R.D.'Trunkey,'2004'“ ValuablePatents,”'Georgetown)Law)Journal)92• Walker,'R.1995'“Patents'as'Scien.fic'and'Technical'Literature.”'
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