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Although most inventions will be concerned with the rights a patent grants during its monopoly or in-force period (from the date the patent issues until it expires (20 years after the filing date)), the law actually recognizes five "rights" periods in the life of an invention. (1) Invention conceived but not yet documented: When an inventor conceives of an invention, but hasn't yet made any written, signed, dated, and witness record of it, the inventor has no legal rights whatsoever, only the potential for acquiring rights. (2) Invention documented but patent application not yet filed: After making a proper, signed, dated and witnessed documentation of an invention, the inventor has valuable rights against any inventor who later conceives of the same invention and applies for a patent. An inventor who documents the building and testing of the invention has substantially greater rights than one who merely documents conception. During this period the invention may also be treated as a "trade secret" this is, kept confidential. This gives the inventor the legal right to sue and recover damages against anyone who immorally learns of the invention, for instance, through industrial spying. (3) Patent Pending - Patent application filed but not yet issued: During the patent pending period, including the one year period after a provisional patent application is filed, the inventor's rights are the same as they are in period 2 above for the most part. Otherwise, the inventor has no rights whatsoever against infringers, only the hope of a future monopoly, which doesn't commence until a patent issues. Most companies that manufacture a product this is the subject of a pending patent application will mark the product "patent pending" in order to warn potential copiers that it they copy the product, they may have to stop later if and when the patent issues. The PTO by law must keep all patent applications preserved in secrecy until the application is published or the patent issues. The patent pending period usually lasts from one to three years. (4) In-force patent - patent issued but hasn't yet expired: After the patent issues, the patent owner can bring and maintain a lawsuit for a patent infringement against anyone who makes, uses or sells the invention without permission. The patents in force period last from the date it issues until 20 years from its filing date, provided maintenance fees are paid. Nearly every patent is guaranteed an in-force period of at least 17 years. In order to assure this 17-year term, the patent will be extended, if necessary, to compensate for delays resulting from failures by the PRO in processing the patent application. Also, once the patent issues, it becomes a public record or publication that can block others who file later from getting patents on the same or similar inventions, that is, it becomes "prior art" to anyone who files after its filing date. (5) Patent expired: After the patent expires (20 years after the filing date, or sooner if a maintenance fee isn't paid), the patent owner has no further rights, although infringement suits can be brought for any infringement that occurred during the patent's in-force period. An expired patent remains a valid "prior art reference" (as of its filing date) forever. IPStreet.com's patent search tools and resources will help you better understand if your idea is patentable, the duration of a patent and complex patent analytics.

A design patent covers the unique, ornamental, or visible shape or surface ornamentation of an article or object, even if only on a computer screen. Thus if a lamp, a building, a computer case, or a desk has a truly unique shape, its design can be design patented. Even computer screen icons and an arrangement of printing on a piece of paper can be patented. A design must be for an article that is different from an object in its natural state; thus a figure of a man would not be suitable for a design patent but if the man is in an unnatural position, this can be patented. The uniqueness of the shape must be purely ornamental or aesthetic and part of an article. If the design is functional, then only a utility patent is proper, even if it is also aesthetic. A good example is a jet plane with a constricted waist (narrow body) for reducing turbulence at supersonic speeds: Although the novel shape is attractive, its functionality makes it suitable for a utility patent only. A useful way to distinguish between a design and a utility invention is to ask, "Will removing or smoothing out the novel features substantially impair the function of the device?" If so, as in the jet plane with the narrowed body, this proves that the novel features have a significant functional purpose, so a utility patent in indicated. According to David Pressman's book "Patent it Yourself" two useful questions to ask to define design innovations are: (1) Is the novel feature(s) there for structural or functional reasons, or only for the purpose of ornamentation? (2) Does the novel feature make it look better or work better? (The utilitarian function always prevails.) If the state of the arts is such that the general nature of the feature and its function is old, but the feature has a novel shape that is an aesthetic improvement, then only a design patent will be proper. The design patent application must consist primarily of drawings, along with formal paperwork and a filing fee. Design patents last 14 years from the date of issuance.

The idea for IP Street originated with Lee, a co-founder of the US's top ranked firm for patent quality, Lee & Hayes (Spokane, Seattle, Austin, Portland, Taipei, and Beijing). Lee became engrossed in the notion of mining IP data to plot business strategy when he was hired by an investment bank to predict the likely outcomes of the landmark NTP v. Research In Motion case. In the time since, he and his firm have come to represent six of the 10 largest patent filers in the United States, and Lee has become a recognized evangelist on the rise of intellectual assets in the U.S., China, and beyond. Lee gathered his colleagues at Lee & Hayes, some IP experts and others business strategists, raised funds, and went to work assembling the technologies and talent behind IP Street today.