Intellectual Property, aka IP, is a term used in reference to creations of the mind such as inventions, artistic or literary works or names, symbols, designs or images used in business.

IApplying for or filing a patent application is not a guarantee that an inventor will get the patent. The patent examiner will look closely at your application to make sure the patent qualifications are met.

You've did all your research and homework and discovered that you do indeed have an idea or product that you can patent. This requires filling out a patent application and submitting it, with the required fee, to a Patent Office. If you were applying for a patent in the United States, you would submit your application to the United States Patent and Trademark Office.

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If you have your patent, or have applied for it (known as patent pending), you can try to license your patent rights. You can also license an invention that has not been patented. Although slightly different steps would be required (steps not listed here), the marketing and research methods would be the same.

Creative ideas are a result of our minds hard at work and inventions are the result of these creative ideas. Patents are the part of the intellectual property law that protects inventions. A national government office will grant a patent after review of the application.

Remember reading or hearing about Thomas Edison's statement that if something won't sell; he didn't want to invent it? There may be some validity to that idea, but many may also disagree with his philosophy. Many things in the world can be invented and may be of value to the world but won't sell. This doesn't mean; however, that they're not important.

A business plan is essential if you've decided to manufacture and sell your invention on your own or if you're using your invention to set up a business. The business plan will be vital in helping you raise capital for your venture. Banks and lending institutions, in particular, will require a business plan if you're seeking financing.

Some people try to invent things for the sheer pride in doing so while others do it to make money. There are also those that fall into both categories. You can follow three different paths to make money from your invention. You can sell the rights or patent outright; you can license your invention or you can make, market and sell the invention yourself.

Remember reading or hearing about Thomas Edison's statement that if something won't sell; he didn't want to invent it? There may be some validity to that idea, but many may also disagree with his philosophy. Many things in th may be some validity to that idea, but many may also disagree with his philosophy. Many things in the world can be invented and may be value to the world but won't sell. This doesn't mean; however, that they're not important.