Effective as of March 19, 2013 a new status called “micro entity” became available to inventors who are applying for a new patent application. The change is a result of the USPTO’s implementation of the America Invents Act (AIA). This change will make it less expensive for inventors to file for patent applications. The process itself can still be difficult to navigate so we recommend working with a professional to help you draft your application.
To see if you qualify for the new discounted rates here are the requirements for the “micro entity”:
1. Qualify as a USPTO-defined small entity.
2. Not be named on more than four previously filed applications.
3. Not have a gross income more than three times the median household income in the previous year from when the fee(s) is paid. For 2011, the most recent year that data is available, the median income was $50,054.
4. Not be under an obligation to assign, grant, or convey a license or other ownership to another entity that does not meet the same income requirements as the inventor.
If you have been holding onto a great idea and never did anything with it, now is the time. Contact us for a free consultation and let us help you start the process of protecting your invention idea today New Product Consulting.