When you think of a patent, most people think of a physical invention like a new engine or tool. However, thanks to a 1998 federal court decision you can patent a business method. This is great news for software developers, internet companies, and business innovators.
As you can imagine, a business method or software patent is a little different than a patent for a physical invention. To get a business method patent, there are four requirements that must be met.
When you apply for a business method patent, get ready for a long wait. On average it takes at least two years from the original application to get approved. As if the waiting wasn’t bad enough, during this time you can’t stop other companies from using your method. Only after you’ve been approved can you take legal action to stop others from using your business method.
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