BEVERLY HILLS, Calif., June 30 /PRNewswire/ -- The recession has been unkind to inventors, who are having an increasingly hard time affording patents. But a new web site, www.PatentLock.com, is preserving innovation and creativity.
"I know the economy isn't just going to rebound," said Adam Lebovitz, Patent Lock client and inventor of Quick Film Budget, an accounting tool for movie producers. "For the time being, this is the way to go."
Traditionally, inventors have had to shell out big bucks to patent their inventions. The average cost of the patent process for a Utility Patent is $10,000 to $20,000, according to www.inventionstatistics.com. In today's economic climate, patenting an invention is often an insurmountable hurdle. In fact, for the last few years, inventions have actually been on the decline.
A good indicator of inventor activity is Utility Patents. The United States Patent and Trademark Office calls them "Patents for Invention." According to data from the USPTO Office of Public Affairs, the growth rate of Utility Patents has been decreasing at an annual rate of roughly -0.3% since 2001. While that may not seem like much, the annual growth rate from 1990 through 2000 was around 6.1%. Additionally, in 2009, International Patents fell by 4.5% worldwide, and 11.4% in the U.S., according to data from the World Intellectual Property Organization. WIPO patents haven't dropped this sharply since 1978.
Unfortunately, this decrease in entrepreneurship and creative output contributes to further economic decline.
But according to Michael N. Cohen, founder of www.PatentLock.com, and owner of Los Angeles-based Cohen I.P. Law Group, P.C., it's not a bad time to invest, or invent.
"Microsoft was started during a similar recession," said Cohen. "Times of recession can yield amazing advances; inventors just need to be given the tools they need."
Cohen created www.PatentLock.com to help inventors obtain an attorney-drafted patent without having to pay standard patent attorney fees. Unlike other do-it-yourself legal sites, which employ case managers or document specialists, www.PatentLock.com is the only online patent drafting service operated by attorneys.
For inventors like Adam Lebovitz, www.PatentLock.com has been a lifesaver.
"I didn't want to compromise," said Lebovitz, "and I don't have time to become an expert on patents. That's not what I do. I'm an inventor."
Jake Rogers/Michael Cohen
Cohen I.P. Law Group, P.C.
SOURCE Cohen I.P. Law Group, P.C.