The U.S. Department of commerce announced in July that Denver would be one of three metropolitan areas chosen as locations for new branches of U.S. Patent and Trademark offices. In the past, one of the biggest obstacles to overcome in the patent process is simply the backlog of patent requests that need to be approved by the sole office in Virginia. With half a million new patent requests every year, the wait time for approval is around three years.
Getting patent office in Denver required significant lobbying by Colorado leaders in business and Government, all in the pursuit of a large economic payoff for the area. It is slated to produce a $440 million economic boost to the area as well as employing around a thousand people. Governor John Hickenlooper and Senator Michael Bennet sent letters from 50 prominent local business leaders expressing support. Two other US metro areas selected for patent offices are San Jose and Dallas-Fort Worth.
One factor working against Denver in the competition for this office was its previous record of submitting relatively few patent applications per capita. The committee made the case that this will change dramatically once the new patent office is in place. By easing the patent process, we’re likely to see investment in many new Colorado-based science and technology startups in the near future. A quicker patent approval turnaround will hopefully provide more incentive to local entrepreneurs looking to turn a great idea into something tangible and saleable.
Of course, protecting one’s intellectual property with a patent is only one step in turning your idea into a successful venture. If you have a product, service or idea that you’d like to launch a business around, it’s important to consider all your business formation options. These decisions can play an important factor in your business’s future success.
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“Shaft drive patent, 1894” under CC license by neubert_lazy