In a world where intellectual property is a valuable asset, patents (a "grant by a government to an inventor, assuring the sole right to make, use, and sell the invention for a certain amount of time") are becoming an essential tool for achieving and maintaining a competitive edge. With billions at stake, companies are defending their patents vigorously; high-profile cases, such as Microsoft's $900 million patent dispute settlement with Sun Microsystems, and Medtronic's acquisition of a competitor's entire patent portfolio for $1.35 billion, are cases in point. While most companies will not operate at this level, the strategic management of patents, and the costs of filing and protecting them, are becoming critical business functions. In this accessible and practical guide, the author shows readers how to apply "due diligence," a common concept in corporate finance and investing, to analyse the costs and benefits of patent management, and helps them navigate through the legal and technical maze. With dozens of examples from many industries, he walks readers through the process of filing a patent claim and managing their portfolio of patents and inventions, regardless of whether they make it to market as products. A glossary of terms and listing of resources will make this book a handy reference for anyone involved in product development, corporate strategy, and intellectual property. This is a practical guide to patents for readers without technical or legal knowledge. It features many illustrative examples from such fields as pharmaceuticals, electronics, and biotechnology. It covers emerging trends and issues, such as international patent law and joint ownership of inventions. The author is a patent attorney and chemical engineer, providing both legal and technical expertise.