Pub 9 2021 Issue 1

X ONE LAST THING ... Did you know that you can enjoy your association news anytime, anywhere? Scan the QR code or visit: mining-focus.thenewslinkgroup.org Check it out! The new online article build-outs allow you to: • Stay up to date with the latest association news • Share your favorite articles to social channels • Email articles to friends or colleagues There is still a flipping book for those of you who prefer swiping and a downloadable PDF. cost of filing a patent. Patent revenues may come from direct sales of a product associated with the invention. However, other patent revenue paths exist. For example, licensing a patent to a third party will generate revenue through royalties. A revenue-focused patent strategy is typically effective for inventions in emerging markets, where the inventor can sell the invention himself, or where the inventor can license the invention to a third party. In other examples, as soon as a patent is granted, the owner may sue a competitor that is making, using, selling, or importing the patented invention and receive damages for patent infringement. However, patent infringement litigation is often expensive, with costs regularly reaching hundreds of thousands, or even millions, of dollars. Therefore, a revenue-focused patent strategy is also effective for inventions that have a high market value which can offset the high costs of litigation. An investment-focused patent strategy directs a company to file patents based on the perceived value by investors. For example, startup companies looking for venture funding may advertise to investors the number of patents, both granted and pending, held by the company. Granted patents indicate to investors that the company has a product that is unique and that competition can be limited. Pending patents indicate to investors that the company is serious, willing to invest in its future, and that the company has a good-faith indication that some portion of the product is novel. Therefore, an investment-focused patent strategy is effective for startups looking to distinguish themselves to receive venture funding. Additionally, inventions are not new forever. A patent expires 20 years from its filing date. After the patent expires, any person or company may make and sell the invention described in the patent. But, knowing that patents expire, during the patent term, many companies continue to improve upon existing products and develop new technologies. By continued development, an innovative company may continue to establish itself in the market, which can result in the company becoming a leader in the industry for years after the initial patent expires. Established companies may indicate to investors patent filing metrics, including the number of patents owned, filed, and granted during a quarter or year. Patent filing metrics provide investors a measure of the innovativeness of the company. More innovative companies are often viewed as more profitable, which attracts investors. Thus, an investment-focused patent strategy is effective for quickly evolving industries, where innovation is a key driver of success. Business owners should have an understanding of what can be patented, and have a clear patent strategy to achieve their business’ needs and goals. Filing a patent can be the first step in the journey from turning an idea into a multi-national corporation. Mr. Lingard, a registered patent attorney at Ray Quinney & Nebeker, special- izes in preparing and prosecuting domestic and foreign patent applications in a variety of technological areas, including heavy material handling equipment, drill bits, metallurgical engineering, materials science, additive manufacturing, rotary steerable systems, downhole power generation and distribution, medi- cal devices, and exercise equipment. Mr. Lingard has experience in identify- ing products that potentially infringe his client’s patents, as well as preparing patentability and patent infringement opinions. Prior to becoming an attorney, Mr. Lingard worked at several mines across the United States and Canada in underground tunneling, shaft sinking, and heavy civil construction. FOCUS 25