The-definition.com

Definition

Business method patent

Business method patent is a patent that protects an invention that is or facilitates a method of doing business, have been of particular interest to Internet firms. Patents for these purposes were not allowed in the United States until 1998, when a federal circuit court issued an opinion allowing a patent for a business method, holding that business methods, mathematical algorithms, and software are patentable as long as they produce useful, tangible, and concrete results. This ruling opened a Pandora’s Box and has caused many firms to scramble to try to patents their business methods.

Share it:  Cite

More from this Section

  • Grievances
    Grievances refers disputes caused by contract violations or different interpretations ...
  • Idea Bank
    Idea bank (or vault), which is a physical or digital repository for storing ideas. An ...
  • Corridor Principle
    Corridor principle is which states that once an entrepreneur starts a firm and becomes ...
  • Switching Costs
    Switching costs are the fixed costs that buyers encounter when switching or charging from ...
  • Improving an existing product or service
    Improving an existing product or service- enhancing a product or service’s quality ...