Abstract
This chapter discusses the power of patent and patent law, nature of patents, procedure to read a patent, the patent application process, software and business method patents, international aspects of patents, patent licensing, patent enforcement, and patent risks. Patent lawsuits involving digital technology highlight the power of patent rights. A patent grants the patent holder the right to prevent all others from using the rights to the invention defined by the patent. The reach of a patent is national. The patents described in the chapter are utility patents. A single patent can cover many different products. Many commonly used standard-based technologies such as MP3 encoding, DVDs, or RSA encryption are subject to patents. Companies use patents for marketing and public relations, because patents can make a company appear innovative and technically advanced. Investors put a premium value on patent portfolios, and make it easier to raise money for the company. Patents can have their biggest impact in a company's sale of-business transaction. A key concept behind patents is that they exchange public disclosure of one's invention for legal protection. If the patent application fails to make required disclosures, the patent may be subject to legal challenge.
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