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Patent Application Processing – All Set for Reform

Rohit Arora
By Rohit Arora
on October 4th, 2010
 

Rohit Arora, CEO and co-founder of Biz2Credit, is one of the country's leading experts in small business finance. Since its founding in 2007, Biz2Credit has arranged $1 billion in small business loans

The current patenting system of US in place is too slow to meet the fast-track aspirations of businesses. Ben Cappiello, for example, proposes to make better intrauterine contraceptive devices. But by the time his application to patent the product reaches the U.S. Patent and Trademark Office, it will land at the bottom of stack of more than 700,000 other applications. Cappiello will then have to wait for three long years for any rulings. So, the process needs to hastened and revamped.

US Patent Office concedes to the broken system and proposes that there shall be changes to gain a better control over the timing of processes. One option would be to make more payments and get the decision within the span of a year. The Patent Office confirms that the fast-track review fee shall be substantial. Under the current system $1,000 is charged as average Patent application fee with 50% discount for small businesses. David Kappos, Patent agency’s director, says, “We are currently operating the most senseless system of delayed and delinquent examination imaginable.”

It is also true that not all entrepreneurs want a speedy review. So, under the new system, there will be the option to delay examinations up-to 30 months. So, small companies can avoid full fee at the conceptual stage of their ideas, but at the end of the process the entire fee becomes due. Small businesses are interested in both fast track and slow review of applications. Kate Reichert assistant chief counsel, at Small Business Administration Office of Advocacy, says, “If a small business has a patent and its business is going to be based on that patent, it would be very, very helpful to get that processed quickly.”


Biz2Credit Logo This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to
info@biz2credit.com

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