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Joseph Schumpeter, known as the Prophet of Innovation, describes the importance of inventors in his Theory of Economic Development. Inventors are the "fiery-spirits" that disrupt the status quo with their vision of doing things 'better, faster, cheaper.' In the process, their inventions represent "the heroic intervention of individual men (or women) who appear as leaders toward new economic shores." We believe that intellectual assets, commonly taking the form of patented technology, are the least-understood and most-relevant resources to stimulate economic development through innovation. To make this happen, intellectual property (IP) needs to be more comprehensively understood so that better business decisions can be executed. This is why we are in business. An invention must have economic utility to benefit society. Some times, inventions are way before their time. However, most of the time, the business execution to commercialize the invention fails. In fact, those that conceptualize the invention rarely reap the rewards of the innovation's ultimate success.

Laws of nature: Galileo would not be able to patent his findings from his experiments at the Leaning Tower of Pisa. Physical phenomena: Patent law classifies physical phenomena as products of nature. Thus, if your invention occurs in nature, it is a physical phenomenon and cannot be patented. Abstract ideas: Abstract ideas are concepts like pure mathematics and algorithms. You cannot patent a formula. However, you can patent an application of that formula. Thus, while you cannot patent a mathematical formula that produces nonrepeating patterns, you can patent paper products that use that formula to prevent rolls of paper from sticking together. Literary, dramatic, musical, and artistic works: These can be Copyright protected. Inventions, which are considered not useful or possible: For example, the USPTO will not issue a patent on a perpetual motion machines; or offensive to public morality.

Let IP Street help you with your concept search. Once you have drafted the description and claims of the invention, you can utilize our multi-word patent search to see relevant patent documents that have similar textual relationships. This document relevancy search can help you have a better understanding of the patent draft so you can appropriately revise and rewrite to maximize the claim scope. These patent valuation and search tools will help you better develop the patent analytics and potential duration of a patent.