Many fantasize about inventing the next “big thing.” But the cost of protecting their ideas from copycats can be a shocking dose of reality.
Rhode Island leaders want to help residents and small business owners achieve their dream inventions by helping pay for costs associated with a federal patent application. Gov Dan McKee and the Rhode Island Commerce Corporation are slated to unveil the new Invention Incentive Program Friday morning, one day before World Intellectual Property Day.
“When Rhode Islanders have a good idea, they should have a fair shot at protecting it,” McKee said in a statement. “By covering some of the upfront costs, this program gives Rhode Island inventors and small businesses the opportunity to take an important first step — protecting their ideas and setting the stage for what comes next.”
Costs to apply for a federal patent vary widely based on the type of patent and type of applicant, but range from $60 to more than $11,000, according to a fee schedule on the U.S. Patent and Trademark Office website. That does not include the cost to hire attorneys.
Rhode Island businesses with 500 or fewer employees, or individual residents, can apply to Rhode Island Commerce to receive reimbursement for up to $5,000 in application fees for provisional or nonprovisional patents, or costs associated with hiring a federally registered patent practitioner licensed in Rhode Island.
Grant applications open Friday and will be accepted through 5 p.m. on May 26.
“Innovation drives economic growth, and our small businesses are at the heart of that momentum,” Rhode Island Commerce Secretary Liz Tanner said in a statement. “This initiative is an investment for Rhode Island’s future — helping protect great ideas while empowering entrepreneurs to compete, grow, and lead.”
The grants are funded through a $1 million lump sum for “Innovation Initiatives” included in the state’s fiscal 2025 budget, $45,000 of which is set aside for patent grants, Matt Touchette, a Commerce spokesperson, said in an interview.
For more information or to apply, visit Commerce’s website.
This article was originally published by the Rhode Island Current.
