1. Keep Your Eyes on the Prize.

A patent defines a piece of intellectual property. As with a parcel of land, the patent’s owner can legally prevent any trespass (called an infringement) on the patent. Analogous to the size of a parcel of land, the size of a patent (usually referred to as its scope) is critical in determining its value. Mistakes can mean the difference between a patent worth millions and a worthless piece of paper. Patents prepared and/or prosecuted with little forethought about the end game, which is commercializing, selling or licensing the invention, often have little value.