Method Patents cover individual steps which are used to obtain a certain useful result. One example are financial algorithms used to pick stocks.
What are Method/Process/Business Method Patents?
Method/Process/Business Method (Method Patents) are used to protect various unique, novel, and non-obvious processes or steps that produce a tangible and useful result. Unlike Utility or Design Patents, Method Patents do not have to cover a structure you can touch, see, or feel.
One example of a Business Method Patent is a financial algorithm used to pick stocks. Some mutual fund corporations use complex computer formulas with various parameters for picking the stocks they wish to buy or sell in order to increase the value of the underlying portfolio. These steps, their sequencing and parameters may be protected. Los Angeles Patent Attorney
Term of Method Patents
Method Patents are given a term of 20 years from the filing date of the Patent Application.
How do Utility Patents differ from Method Patents?
The main difference is that with Utility Patents, you can actually see, touch, and feel the invention. With Method Patents, the steps or processes are patented. Note that these steps may be further defined by the mechanical devices used to operate them.