In a move that reflects increased awareness of the economic importance of investing in green technology, green tech patent review time may be cut from 40 months to 12 months. A pilot program launched by the U.S. Patent and Trademark Office aims to fast-track applications for green technologies to help inventors secure funding and launch green businesses more quickly.
The move by the U.S. Patent and Trademark Office follows one made by Korea earlier this year. The first 3,000 green technology patent petitions to be filed will be eligible for the sped-up green tech patent review program. An additional 25,000 already pending applications could be eligible for expedited handling as well.
Greenovation Fast-Tracking
US Patent Office Speeds Green Tech Patent Review Process
Trend Themes
1. Fast-tracked Green Patents - The U.S. Patent and Trademark Office is fast-tracking green tech patent reviews, cutting review time from 40 months to 12 months.
2. Increased Investment in Green Technology - Increased awareness of the economic importance of green technology investment is leading the patent office to speed up the review process for green tech patents.
3. International Push for Green Technology - Korea launched a similar program earlier this year, indicating a growing international support and awareness of the importance of green technology.
Industry Implications
1. Renewable Energy - Fast-tracked green patents may incentivize and accelerate the development of renewable energy technologies, allowing companies to secure funding and launch businesses more quickly.
2. Sustainability Consulting - Increased investment in green technology may create more demand for sustainability consulting services that help businesses navigate and implement sustainable practices.
3. Environmental Law - The fast-tracked green patent review process may create opportunities for environmental law firms to specialize in patent law related to green technology.