If you're involved in
the patent process, then it will certainly be beneficial to understand what
specific terms and phrases mean.
The terms "patent
pending" and "patent applied for" are virtually the same
concept. This means that you have applied for the patent, but have not yet been
issued. Essentially, it indicates that you have applied for protection, but the
details and scope of that protection are yet to be determined.
You may be curious as
to why this status has any bearing in the business world. Actually, it can let
investors know that you have taken the first steps and have a plan in the
works. For some, this is enough to move forward with further discussions.
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