Evolution of the U.S. Patent System

Published on: 10 January 2019 Last Updated on: 08 August 2019
Patent

Patents have actually existed since the 1300s when an inventor was granted a right to a monopoly. While the specifics of the grants, the complexity of the issuing process, and the number of patents that exist have greatly expanded, the principle idea of the right has not changed significantly. However, we now have a robust industry of patent attorneys like Tampa’s The Patent Professor, a profession you probably wouldn’t have stumbled across in the Medieval times. Read more below about the evolution of the United States patent system to what we know it to be today:

The Colonial Period:

In the Colonies, there was no set patent process or a centralized patent office, since each colony operated essentially as a completely individual territory under the British monarchy. However, each colony issued “patents” on a case-by-case basis, with the first being issued to Samuel Winslow by the Governor of Massachusetts in 1641. Winslow was granted a 10-year monopoly on a particular method of harvesting salt.

Adoption of the US Constitution:

In Article 1, Section 8 of the United States Constitution, there is a provision that specifically addresses the protection of intellectual property. This was the first official mention of a patent in US documentation and signaled that the United States would support innovation with legal tools that allowed term-limited “monopolies” on registered inventions.

The Patent Acts:

1790:

3 years after the adoption of the US Constitution by the newly formed United States, the Patent Act of 1790 was passed. It gave limited protections, a short, 14-year term for protection, and was found to be fairly unsatisfactory to most concerned citizens of the new country. It would only last a few years before being replaced.

1793:

In 1793, the modern definition of a patent was introduced, and the application process was simplified. This Patent Act stood for over 50 years and granted over 10,000 patents before being updated once more.

1836:

In 1836, a new Act was passed that formally established the United States Patent Office, whereas previous patent applicants had to appeal directly to the Secretary of State (and in the first Patent Act, to the Attorney General and Secretary of War as well). In addition, it created a database of all existing patents, available in public libraries, so that people could research before submitting their application to ensure that it was a truly original idea. Finally, it created the option for patent holders to extend from 14 to 21 years in some cases.

Depression and Anti-Patent Sentiments:

In the 1890 Depression, and again during the Great Depression, US citizens held an exceptionally negative attitude towards patents, and these sentiments led to the establishment of antitrust laws. These laws created limitations on the monopolies that major corporations were able to form and gave power back to the smaller players of the industry.

The Modern United States Patent and Trademark Office:

The Patent Act of 1952 created the current patent system as we know it today. It added additional stipulations for the final approval of a patent, such as ways that it could be infringed, explaining how it is useful and non-obvious, and other details that are still present in the application process to the USPTO.

Patent law is constantly evolving, and as more patents and new technologies develop, you can be certain that they will continue to evolve, even more rapidly as the rate of innovation increases.

Read Also:

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Time Magazine Names Taylor Swift The 2023 Person Of The Year

Time Magazine Names Taylor Swift The 2023 Person Of The Year 

Time Magazine has not wasted any time crowning Taylor Swift the Person of The Year for 2023. Global music icon Taylor Swift has been a news staple throughout the year. She is now all set to grace the red border periodical's cover girl, adding yet another feather to her hat. She keeps proving each time that she is not going out of style any time soon. Swift has been among the biggest musical acts around the world with her shrewd business acumen. She is seamlessly helming an entertainment empire that has collected $1 billion according to several estimates. Time editor Sam Lansky writes the piece. He said, "But this year, something shifted. To discuss her movements felt like discussing politics or the weather —a language spoken so widely it needed no context. She became the main character of the world." Swift has been performing to huge crowds in her ongoing Eras Tour which will be continuing next year with international dates in cities such as Paris, London and Tokyo. One company has estimated that her U.S. leg of the tour alone could generate nearly $5 billion in consumer spending. Additionally she has released a concert film called Taylor Swift: The Eras Tour which is a 3-hour IMAX movie culled from her Los Angeles performances that allows more fans to witness the show. The distributor, AMC theaters earned more than $250 million on the film as of late last month. Swift's sky-rocketing success both on and off screen will be to speak nothing of her personal life that has equally taken center stage. Her latest tryst with Kansas City Chiefs tight end Travis Kelce has been highlighted more than ever before. "When you say a relationship is public," Swift told Time, "that means I'm going to see him do what he loves, we're showing up for each other, other people are there and we don't care." Swift has also inspired a big boost in voter registration with a single post on Instagram, she also played a part in the Senate Judiciary Committee hearing on Ticketmaster's practices while making billboard history simultaneously. All in a year's work and it isn't even over yet. Learn More About: Taylor Swift Postpones Rio Concert Following Fan’s Death: Safety Concerns Taylor Swift Is Topping The Charts On The U.K. Board With ‘1989 (Taylor’s Version)

READ MOREDetails
Taylor Swift's "1989 (Taylor's Version)" Becomes #1 On Billboard 200's

Taylor Swift’s “1989 (Taylor’s Version)” Becomes #1 On Billboard

Taylor Swift is back at the top of the charts with her album "1989 (Taylor's Version)," which has skyrocketed to No. 1 on the Billboard 200 albums chart, dated November 11. This accomplishment marks Swift's 13th No. 1 on the chart. The album made an impressive debut with 1.653 million equivalent album units earned in the United States during the week ending November 2, according to Luminate. This remarkable feat represents the largest week for any album, in terms of units earned, since Adele's "25" launched with 3.482 million units in the week ending November 25, 2015. A significant portion of "1989 (Taylor's Version)"'s first-week units, approximately 1.359 million, came from traditional album sales. This is Swift's highest sales week for any of her albums, surpassing her previous record set when the original "1989" album debuted with 1.287 million copies sold in the week ending November 2, 2014. In fact, the first-week sales of "1989 (Taylor's Version)" are the largest for any album since Adele's "25" was released. In total, since Luminate began tracking music sales electronically in 1991, the debut of "1989 (Taylor's Version)" stands as the sixth-largest sales week for any album. The top six biggest weeks belong to Adele's "25," *NSYNC's "No Strings Attached," *NSYNC's "Celebrity," Eminem's "The Marshall Mathers LP," Backstreet Boys' "Black & Blue," and now "1989 (Taylor's Version)." The success of "1989 (Taylor's Version)" was amplified by its availability in various collectible physical formats, including color vinyl variants, CD editions, and digital download options. In addition, Billboard mentioned that “All 13 of Swift’s full-length studio albums and re-recorded projects from 2008’s Fearless, her second studio album, through 2023’s 1989 (Taylor’s Version) have debuted at No. 1.” This has solidified her record for the most No. 1s among women in the chart's history. She now ties with Drake for the third most No. 1 albums among all artists, with The Beatles holding the top spot with 19 No. 1s. Swift announced "1989 (Taylor's Version)" during her performance at SoFi Stadium in Inglewood, California, as part of her "The Eras Tour" in August. Pre-order sales for the album began shortly thereafter via Swift's official webstore. In summary, Taylor Swift's triumphant return to the No. 1 spot on the Billboard 200 albums chart with "1989 (Taylor's Version)" is a testament to her enduring popularity and the anticipation for her re-recorded albums.Additionally, SEVENTEEN makes a strong debut at No. 2 on the chart with "SEVENTEENTH Heaven: 11th Mini Album," marking their fourth top 10-charting effort. The rest of the top 10 includes familiar names like Drake, Bad Bunny, Morgan Wallen, Rod Wave, and another of Swift's albums, "Midnights." Read Also: HBO Max Decides To Take Away 4K From Ad-Free Subscription Plans Elon Musk To Introduce New Products That Will Challenge YouTube And LinkedIn YouTube Premium Introduces International Price Hikes After Cracking Down Ad Blockers

READ MOREDetails
Retail Giants Gear Up For Earnings Walmart & Ross Leads Target Lags Behind

Retail Giants Prep for Earnings; Walmart & Ross Top, Target Trails

This week, several key players in the retail sector are slated to reveal their quarterly earnings. The spotlight is on companies navigating these turbulent waters in a year marked by economic challenges and fluctuating consumer confidence. Those prioritizing discount goods over discretionary items have emerged as industry leaders. Predicting Earnings Surprises   Investors eyeing these retail giants have a powerful tool at their disposal—Zacks Earnings ESP (Expected Surprise Prediction). This tool aims to identify companies experiencing positive earnings estimate revisions, leveraging the belief that recent information holds predictive power during earnings season. Historically, combining a Zacks Rank #3 or better with a positive Earnings ESP has yielded positive surprises 70% of the time, boasting a 28.3% average annual return over a 10-year period. https://twitter.com/anycurrencynews/status/1725133408811065432?s=20 Earnings Anticipation In Retail   In the challenging landscape of retail, this year has been a litmus test for what resonates with consumers. Despite varied stock performances, all eyes are on a group of retailers forecasted to beat earnings estimates, indicating a bullish sentiment among analysts. Walmart   Walmart, a standout performer this year with a 20.3% year-to-date rally, holds a Zacks Rank #2 (Buy). The retail giant's strategic focus on discount offerings and a robust e-commerce expansion have contributed to its success. Walmart's Q3 earnings report, set for November 16, is anticipated to exceed estimates, with a Zacks ESP forecasting a 0.8% beat. The TJX Companies   Benefiting from its discount pricing strategy, TJX Companies has seen an 18% YTD gain. Operating across 4,900 stores in nine countries, this off-price retailer is set to report earnings on November 15. The Zacks ESP projects a 2.6% earnings beat, reflecting a mixed earnings outlook. Ross Stores   With a Zacks Rank #2 (Buy), Ross Stores has capitalized on the discount retail trend, gaining 10% YTD. Expected to report on November 16, the Zacks ESP suggests a 2.08% earnings beat. Ross Stores offers in-season, branded, and designer merchandise at prices 20% to 60% below regular department store rates. Target   Facing headwinds this year, Target's stock has dipped by -23.7% YTD. Target reported on November 15 that it had experienced a significant drop in comparable sales as consumers cut back on discretionary spending. Despite a Zacks Rank #4 (Sell), indicating falling earnings estimates, there's a glimmer of hope with a Zacks Earnings ESP projecting a 1.97% earnings beat. While Walmart continues to lead the pack, Target's dip in valuation raises questions about its future trajectory. Investors are advised to stay vigilant and monitor shifts in earnings estimates for potential investment opportunities in this dynamic retail landscape. Learn More About: Walmart Deals On Black Friday: Apple Watch, PS5, And More Elon Musk To Introduce New Products That Will Challenge YouTube And LinkedIn

READ MOREDetails