The Invention Science Fund I (Bellevue, WA)

A system and method is provided for the use of credit arrangements in simulated environments. Participation in credit transactions which involve virtual items as well as virtual services and items can be done by the user. Users are capable of receiving feedback on the outcomes of the credit transaction. Multiple users may be able to make simulated purchases or incur credit obligations, and compensate for the virtual accounts or debts. The user is also given the option to engage in real-time financial transactions related to the virtual credit arrangement. In certain versions of the system and method that allow multiple participants from different locations may use virtual charge accounts as well as real-world financial accounts in connection with the arrangement or resolution of an online credit transaction.

Modern financial systems include many options for buying things worth their weight. Making use of debit cards, credit cards or checking accounts to conduct financial transactions is a typical way to do so without having to exchange cash or currency.

Virtual worlds often contain imaginary characters participating in fictional events, activities and transactions. There are both educational and entertainment benefits to creating innovative and exciting ways of connecting virtual worldenvironments with real-world experiences.

This disclosure outlines a method and system for an arrangement of virtual credit which allows users to have virtual credit transactions. The user is informed by feedback user regarding outcomes of the simulated credit transactions. As a response to the simulated credit transactions users are given the possibility of engaging with real-world financial transactions related to the virtual credit agreement.

One aspect of the system and process is that an account virtual is created to the user. Simulated purchases are performed by the user in exchange for food, services, and/or products with value. The user is informed of the results of the simulatedpurchases. Responsive to an experience of making the simulated purchases and receiving feedback, a smooth transition from the user to using real financial accounts can be made. Another aspect is the selection of credit terms that permit for the purchase of virtual goods, services, and/or items valued. Certain models allow the programing of certain terms for virtual accounts, like: automatically by a machine controlled by a program–based on demographic data or other performancerecords. Other options allow the user to change certain conditions of the virtual account.

In certain embodiments users can make simulated purchases or take on simulated credit obligations that are transferred to virtual accounts and also, users can pay simulated amounts for outstanding balances or obligations owed forvirtual accounts. In certain cases users may be compensated compensation for something that has real worth. In other instances, users are enabled to make remuneration with something of virtual value.

In some instances the performance benchmarks may be needed prior to transferring to a higher degree of participation in a virtual credit account. Completion of performance benchmarks may be required before facilitatingtransition of a user to an actual financial account. In certain situations, users may be able of transferring to an actual account without restriction.

In certain implementations the system and method offers a simulation environment that allows purchases of various virtual goods and/or virtual services and/or virtual objects to be made by a variety of users in different locations. Suchpurchases may involve credit transactions based on role playing world activities.

The following descriptions and drawings will assist you in understanding the benefits, features and other features of the most desirable embodiments.

Click here to view the patent on USPTO website.

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What is a patent?

Granted by the government to protect an invention, a patent provides the inventor exclusive rights to use, create, sell and promote the invention?society is benefited when a brand new technology is introduced to the market. These benefits could be realized immediately as people are able to accomplish feats previously unattainable and indirectly by the economic opportunities that innovation offers (business growth, employment).

Many drug companies and university researchers seek patent protection for their work and research. Patents are granted for products, processes, or method of making new materials. Patent protection has to be granted to an invention that is beneficial or novel and is not already known by others in the same field.

Patents recognize and give inventors a reward for commercially successful inventions. They act as an incentive for inventors to come up with new ideas. Patents allow inventors and small companies to be confident that there’s a good chance they will receive a return for their time, effort and investment in technology development. They could earn a decent income through their work.

Patents are a crucial part of firms and can be used to:

Create and protect the latest products and services;

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Make your brand stand out from the rest.

Get technical and business information.

Avoid the danger of accidentally using third-party proprietary content or losing valuable data, original outputs, or other creative output.

Patents effectively transform the inventor’s knowledge into a marketable asset, which creates new opportunities to create jobs and boost business growth by licensing or joint ventures.

Small-scale businesses with patent protection are more appealing to investors in the commercialization and development of technology.

Patenting may lead to innovative ideas and inventions. This information can promote creativity and could be eligible to be protected by patents.

Patents can be used to prevent untrustworthy third-party companies from earning through the work of inventions.

Revenues from patent-protected technology that are commercially successful can be used to finance technological research and development (R&D), which will boost the likelihood of improved technology in the future.

Intellectual property ownership can be used to convince investors and lenders that there are real opportunities to commercialize your product. Sometimes, a single patent can open the door to numerous financing possibilities. Patents can be used along with other IP assets as collateral or security for financing. Investors are also able to view the patents you own to boost the value of their company. Forbes and others have noted that each patent could increase anywhere from $500,000 to one million dollars to company valuation.

A well-crafted business plan is crucial for new businesses. It should be built on IP and show how your product/service stands out. Investors will also be impressed if you have IP rights are secure or are in the process of being secured, and that they are in line with your business plan.

It is essential to keep an invention secret until you file to protect it with patents. Public disclosure of an invention prior to filing can often destroy its novelty and make it ineligible for patent protection. The filing of disclosures prior to filing, for example, for investors, test marketing, or other business partners, should be done only after signing a confidentiality contract.

There are a variety of patents and knowing them is essential to protecting your invention. Patents on utility cover the development of new methods and machines. Design patents cover ornamental designs. Patents that cover utility designs are the best as they protect the owner from copycats and other competitors. Utility patents are often issued to improve or alter existing inventions. Patents issued under utility can be used to enhance or modify existing inventions. A process patent would describe the methods or actions of performing a specific act. But, a chemical composition could be a combination of components.

What is the average length of a patent? While utility patents are valid for 20 years from the date of their earliest filing, they are able to be extended by delay in the patent office.

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When you are writing your patent application, you should do a patent search, as the search can provide some insights into other people’s thoughts. This can help you limit the potential of your idea. In addition, you can discover the latest technology in your field of innovation. This will allow you to understand the scope of your invention and prepare you for the filing of the patent application.

How to Search for Patents

The first step in getting your patent is to conduct the patent search. You can do a google patent search or do a USPTO search. Patent-pending refers to the product that has been covered by the patent application. You can use for the public pair in order to locate the patent application. When the patent office has endorsed the patent application, you can perform a patent search to locate the patent that was issued, and your product will now be patented. In addition to the USPTO search engine, you can use other search engines like espacenet as described below. It is possible to seek help from an attorney who specializes in patents. In the US Patents are granted by the US trademark and patent office, or the United States patent and trademark office, which also examines trademark applications.

Are you interested in finding similar patents? These are the steps you should follow:

1. Create a list of terms that describe your invention, based on its purpose, composition, and usage.

Begin by writing down a brief, precise description of your idea. Avoid using generic terms like “device,” “process,” and “system.” Look for synonyms to the terms you chose initially. Then, take note of important technical terms as well as keywords.

Use the questions below to help you find key words or concepts.

  • What is the objective of the invention Is it a utilitarian device or an ornamental design?
  • Is inventing a method to create something or perform a function? Or is it a product or procedure?
  • What is the purpose and composition of the invention? What is the physical composition of the invention?
  • What’s the point of the invention
  • What are technical terms and keywords that describe the characteristics of an invention? A technical dictionary will help you locate the right terms.

2. These terms will enable you to look up pertinent Cooperative Patent Classifications on the Classification Search Tool. If you are unable to determine the correct classification for your invention, look through the classification’s class Schemas (class schedules). If you don’t get any results from the Classification Text Search, you may want to consider replacing the words for describing your invention using synonyms.

3. Examine 3. Check the CPC Classification Definition to confirm the validity of the CPC classification you’ve found. The link to a CPC classification definition will be provided if the chosen classification title contains a blue box with “D” to the left. CPC classification definitions can help determine the relevant classification’s scope which is why you can be certain to choose the one that is pertinent. These definitions may also include some search tips or other recommendations which could prove useful in further research.

4. The Patents Full-Text Database and the Image Database allow you to search for patent documents that have the CPC classification. By focusing on abstracts and representative drawings it is possible to narrow your search to the relevant patent documents.

5. Use this selection of the most relevant patent publications to study each one thoroughly for the similarities to your own invention. Be sure to read the claims and specifications. Consult the applicant and patent examiner to obtain additional patents.

6. Find patent applications published in the public domain using the CPC classification you chose in Step 3 in the Applications Full-Text and Image Database. You can apply the same strategy of searching as Step 4, narrowing your results to the most relevant patent applications through the abstract and drawings that appear on each page. Next, carefully examine the published patent applications and pay particular attention to the claims and the additional drawings.

7. You can look up additional US patent publications by keyword searches in AppFT or PatFT databases, and also search for patents classified as that are not issued by the United States according to below. Additionally, you can utilize web search engines to search for non-patent-related documents that describe inventions in the literature. Examples:

  • Add keywords to your search. Keyword searches may turn up documents that are not well-categorized or have missed classifications during Step 2. For example, US patent examiners often supplement their classification searches with keyword searches. Think about the use of technical engineering terminology rather than everyday words.
  • Search for foreign patents using the CPC classification. Then, re-run the search using international patent office search engines such as Espacenet, the European Patent Office’s worldwide patent publication database of over 130 million patent publications. Other national databases include:
  • Search non-patent literature. Inventions can be made public in many non-patent publications. It is recommended that you search journals, books, websites, technical catalogs, conference proceedings, and other print and electronic publications.

To review your search, you can hire a registered patent attorney to assist. A preliminary search will help one better prepare to talk about their invention and other related inventions with a professional patent attorney. In addition, the attorney will not spend too much time or money on patenting basics.