Have you seen something in this CoolScientist column that you think just might be very valuable? Would you like to own its patent? First of all, what are patents, and what can be done with them?

   A patent is a contract between the inventor and the U. S. Government, as established under the Constitution. Basically, the Government gives the inventor a 20-year monopoly over his invention starting from the date it's first applied for. During that time, the inventor can sue people or companies to prevent them from making, selling, or even using his invention in the U.S. Typically, an inventor may grant a license to a manufacturer in exchange for a royalty, manufacture the invention himself, sell his patent on eBay, or use it for tax purposes.

   In exchange (without counting the fees involved) complete instructions are published so that anyone "skilled in the art" can build the invention. When the patent runs out, the invention becomes part of the public domain, and from then on, anyone can make, sell, or use that intention without having to pay the inventor.

   What is a patentable invention? It is an improvement in a thing, a process, a design, or on rare occasions, a business method. For a utility patent, the improvement must be unique, new, novel, not obvious. Only the original inventor can get a patent. If he either publishes the details of how it is done, or shows it publicly, he has one year from that date to file his application.

   Patents, copyrights, and even patents pending are "Intellectual Property." Like any other property, they can be bought, sold, mortgaged, even depreciated. Because the value of intellectual property can be nebulous, the IRS has special rules for them. See your CPA for details on how they can be used for your business and/or tax advantage. For example. The CoolScientist has 48 patents and patents applied for, all of which have been sold.

   Writing a patent application is a challenge. There are strict rules on how it is to be worded and organized. The enforceable part of the document is called its "claims." They are the legal description of the invention. A typical claim might read something like this:

   "What is claimed is: a fish-attracting chair having a light (a) for attracting fish fastened to one leg of a fisherman's chair (c), set in water (d) having fish (b), therein, such that said light is under water and visible to said fish; thereby facilitating fishing by attracting fish to a fisherman (e)."

   Silly? Well, how many hula-hoops were sold?

   Can anyone come up with an improvement? Certainly, but that does not invalidate your patent. Maybe you can use his patent to your advantage. Let's say that his claim says,

   "a line (f) attached to the light of a fish-attracting chair [your invention] wherein said line is also attached to a can of beer (g) held by the fisherman, thereby alerting him to the presents of a fish nibbling on said light."

   He may sell a lot more product than you. But legally, he will have to pay you a royalty (or whatever arrangement the two of you come to) because your patented invention is included in his product.

   Copyrights are much different. Copyrighting an invention is a worthless waste of time, because you would only own the rights to the document itself, not the invention. However, they too are intellectual property that can be bought, sold, depreciated, and have variable value features.

   There are many business techniques used to increase the value of a patent, for their tax advantages, their value as property, and their potential for product development. But first you have to own one.

   The CoolScientist has many inventions available for interested parties. See www.coolscience.info, and contact us at coolscientist@rmrc.org.

   For more information on patents themselves, go to www.uspto.gov.

   Now that's exciting, isn't it!