Final answer:
The advantage of a provisional patent application is that it establishes a priority date while offering lower filing fees. It allows the inventor to claim 'patent pending' status and provides time to refine the invention before filing a non-provisional patent.
Step-by-step explanation:
The advantage of a provisional patent application, which lasts only one year, is to establish a priority date for the invention. A provisional patent application has lower filing fees compared to a non-provisional patent application. This early filing can be crucial because it sets a timestamp for when the inventor(s) first filed, thus establishing precedence over any subsequent filings on similar inventions. Additionally, during the one-year period, inventors can use the term "patent pending" which may help in securing investments or partnerships. However, it does not immediately grant a patent nor does it extend the protection period beyond the standard duration established for non-provisional patents once granted. The provisional application is used strategically to secure a place in line for the invention while allowing the inventor more time to refine the invention or to gauge the market potential before committing to the higher cost and complexity of filing a non-provisional patent application.