Patent Pending Explained
By Business Editor
Patent Pending means that someone has submitted a patent application and wants to display or sell their invention before the patent has been granted ...
Labels with the words "patent pending" are often found on items at trade shows and even on the shelves at retail stores. This means someone has submitted a patent application and wants to display or sell their invention before the patent has been granted. Wouldn't displaying this product before being granted a patent carry some liability? Why would an inventor want to do this? Obviously, there are advantages, but are there also risks?
One advantage to applying for a patent is that you can show your invention to potential manufacturers while reducing the risk of having the new product stolen. Most manufacturers won't be interested in an invention unless the inventor either has a patent or has one pending, so you may want to file a provisional patent application. This allows you to show the invention around to manufacturers for up to a year before you have to file a regular application for a patent, at a significantly lower cost. If you can manufacture your own invention, then you can use the proceeds from the sales to defray the cost of filing the patent application. Just be aware that you must actually have an application on file in order to use a "patent pending" label. If you use the label fraudulently, then you will be subject to a hefty fine.
Displaying or marketing a new invention before it is patented does have its risks. Just filing a patent application does not protect your invention from being manufactured and sold by someone else before the patent is granted. However, it does prevent another party from getting a patent on your invention while you are showing it to potential manufacturers. Also, it is unlikely that someone looking to steal an invention would run the risk of a patent infringement lawsuit, so having a "patent pending" label on your product does offer a measure of protection. There is still a risk of having your invention stolen, but the risk is greatly reduced.
Displaying an invention or putting it on the market with a patent still pending has minimal risk, yet a great advantage. Having a patent application on file makes it much easier to find a manufacturer for your product. It may also be possible to sell your product and use the proceeds to cover the costs of obtaining a patent. In any case, a "patent pending" label can reduce the risk of having your idea stolen, and increases your chance of finding a manufacturer.
Next article: The Importance of Trademarks Copyrights And Patents
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