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.