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Patent (n.) – Right to be the only person/entity that does something in a certain way.

The idea/invention has to be novel (first time anybody has ever addressed problem in the proposed way. It has to be non-obvious.

• Once idea is published one has one year to obtain a patent

• One can patent machines, processes, types of designs, compositions of matter.

• Patent legal cases up until recently were mainly against patents

• Investors generally like to see patents and other competitive advantages

• Possible to file for provisionary patent that lasts for one year

• Can take between 3 weeks and 3 months usually for patent application to be completed by attorney. Time is reduced if drawings are done, prototype exists, flowcharts exist, or there are copious notes and logs.

• To obtain patent one must disclose idea

• Receive right to be only one to use idea for 17 years in return for telling the world about it

Obtaining a Patent: Costs between $5,000 and $10,000 with a lawyer. It can take a while to be approved. It can take 18 to 24 months.