Did you know that the US (and many other countries around the globe) has a specialized patent process when it comes to green products? Called Fast-Track, it was instituted in the US in 2009 and the green patent process has been buzzing through red tape and waiting lines ever since.
A study by the International Centre for Trade and Sustainable Development came out this fall and found that worldwide the programs have been delivering on a faster patent wait time. The study shows that the quicker process is usually requested by start-up companies seeking to get new technologies out there. Additionally, fast-tracked patents are more likely to be granted, according to the study.
This is important for a startup. Getting a patent can lead to product going out the door faster or investor capital arriving on a company’s doorstep quicker than no patent.
The effort and budgets needed to decrease wait times were approved based on climate change concerns brought forth in the Kyoto Protocol. They are hitting the mark. The study shows that the majority of patent applications are climate change-related. Of these, renewable energy technologies are the most often requested.
Could the next big thing come from a fast-tracked patent? The world is hoping it will. The UN and the signers of the Kyoto Protocol will be hearing updates on it in Quatar this week and next.