IP Law 101

In Fiscal Year 2021, ending September 30, 2021, the U.S. Patent and Trademark Office (USPTO) received 650,654 patent applications, down about 3,000 from the year before. In the same year, the USPTO granted 374,006 patents.

A trademark provides an indication of the source or origin of goods or services, and distinguishes the goods or services from those of others. The proper use of trademarks is a major factor in branding or establishing a brand name.

When you come up with the idea for a new product, people are often skeptical when you try to explain your idea, especially if there’s money involved. What sounds like a great concept on paper can be very hard to bring into the real world.

Brilliant ideas can come out of nowhere like a bolt of lightning as you consider an unmet consumer need, or they can gradually develop as a result of years of hard work and professional expertise. Once you have the idea for an incredible product, getting a patent may seem like the most important step to take, but it’s not the only step in the complicated process of turning an idea into a money-making product.