The patent system, as it applies to individuals, has gotten completely out of hand. Most product creators, reinforced by the media, put a false importance and status to the power of the "almighty patent." Due to this myopic perception, people waste money at the rate of well over $100 million every year. Why are patents overvalued in the minds of the public?

One reason is because we have been brought up to feel that a patent gave to the patent holder a special prestige, an Edison-like aura. Today, many inventors' groups and trade publications, mistakenly or not, also encourage innovators to seek a patent attorney before they do anything with their idea.

According to the U.S. Patent Office, 88,793 patents were issued in 1987. Of those only 8% would ever go into commercial production and only 5% would ever make money for the inventor.

Although these figures were from over a decade ago, it would be safe to assume that these percentages would hold true for most any year. Several other reliable sources confirm this ratio.

The people who are unquestionably making money on the patenting process, without risk, are not the inventors, but rather, the patent attorneys, the patent agents, the patent searchers and the employees of the Patent Office. It is therefore in these people's interest to perpetuate the myths so long connected with patents.

One of these myths is that getting a patent automatically means that the inventor is going to make money from his invention. Nothing could be further from the truth! In fact, you can get a U.S. patent even though your technology is not an improvement on prior art. This means that you can get a patent even if your invention is short on technical merit, compared to prior art, and more expensive to manufacture than prior art. Of course this means that getting a patent is not, by itself, proof that your invention has commercial value.

WHY THEN, do so many people apply for a patent? Many have been misinformed as to the value of having a patent. They will generally spend between $9,000 and $15,000 and a minimum of about two years to get that piece of paper. There is also a certain amount of ego involved; it does give a degree of status to say, "I have a patent". But is it worth that much time and money for something to frame and hang on the wall? I believe most of us would agree that the main purpose of getting an idea for a new product is to make money from it.

Another myth about patents is that a patent gives you protection, that nobody else can make and profit from your idea. This is simply not so. The Patent Office does not stop someone from infringing on your idea. It is up to you to stop the infringer. How do you do this? You take him (or her) to court if, after you warn him, he persists in infringing. This, quite likely, will cost you $50,000 and may take years. Meanwhile the infringer is still infringing and is still in business, making and selling copies of your product. Win, lose or draw it is you who pays! So if you think having a patent gives you iron-clad protection, think again. If you do not have the business acumen and a hefty chunk of money to sue to protect your patent why get one at all?