Today President Obama signed into law the Leahy-Smith America Invents Act, considered by many to be the most sweeping reform of the United States patent system in 60 years. Among many changes, one which takes immediate effect is the creation of a new “Micro-entity” status which offers qualified applicants a 75% reduction in many Patent Office fees. The Micro-entity status is available to universities as well as to some very early stage companies and individual inventors.

Previously, a 50% reduction in certain fees was available for “small entities.” Micro-entities will get a 75% reduction in those fees. There are two ways to qualify as a Micro-entity. The first is to meet four criteria, and will be of interest to start-ups and individual inventors...