Reviewing Business Method Patents (BMPs): A Strategic Asset For Companies And Inventors

Ever since the State Street Bank decision by the Court of Appeals for the Federal Circuit, BMPs have been validated as patentable subject matter and as a consequence have become a point of discussion and debate among professionals in the industry. Along with this, criticism for the validity and advantages of BMPs has also increased, especially in the wake of some Bad Patents granted by the USPTO immediately after the State Street Decision. This paper contradicts this opinion and tries to reinforce the significance and advantages of awarding BMPs to companies in todays global marketplace. BMPs are here to stay. Some fine tuning of its rules and regulations over time might make them more beneficial and efficient; however, it is definite that implementation and use of BMPs is sound policy. The necessary groundwork is laid by conducting a review of the various topics involved while dealing with BMPs including, history, example cases, advantages, legal requirements and procedures, and international aspects among others. This paper should be used as a comprehensive review for conducting an introductory research on BMPs. An interested researcher can look at the USPTO website on BMPs for more detailed and specific information pertaining to various aspects of BMPs