April 2020

There are a lot of discrepancies as to when you should file a patent. Some people believe that they should invest in a patent as soon as they have a working idea for an invention. Others will wait until they have approached investors to get the patent process started. Finding the right timing for filing is an important step in the invention process since it provides you with the best opportunity to protect your idea. Too soon and you could be wasting your money while filing too late can cost you the invention itself as shown in https://www.jpost.com/Special-Content/Get-Your-Invention-Off-the-Ground-with-the-Support-of-InventHelp-624132 post.

One of the most important considerations for filing a patent is the marketability of the product. If the invention has gotten to a stage where it is now able to be sold or at least has been shown to be something that people or businesses will buy, then you want to get your patent in place. Many people make the mistake of rushing into the patent process because they believe they need to protect their invention. This is true, but you can only protect an invention that people will buy.

The real downfall of getting your patent too early is the cost. If you go through the patent process several times because your product has changed considerably each time, you will find yourself facing expensive bills that do not pay off. Rather, work out as much of the fine print and changes as possible, using legal devices like confidentiality agreements to protect your product.

In order for an invention to be marketable, it has to b something that people will purchase. It has to have sales potential. If you have not determined that your invention is promotable, you could put a lot of money and time into the patent process only to find out that you have wasted your investment. No matter how unique your product is, if not one will purchase it, you will not make any money from it.

Additionally, the product needs to be cost effective to make and produce on the scale it needs to be. For example, are the material and labor costs so high that the price of the product needs to be higher than the price point that people will pay for it? If so, you could again be wasting your money in the patent. Instead of making this mistake, be sure that the inventions costs are in line for profit potential.

Knowing when to file a patent can be difficult in any situation. A good route to take, then, is to insure that you work with a patent attorney whenever it is possible to do so. This will allow you to create a timeline to get your patent and you will have the expert advice of the attorney to help you make the right decisions as you can see from https://spacecoastdaily.com/2020/03/inventhelp-the-way-forward-for-new-inventors/ article. From focus groups to cost cutting with your suppliers, these steps need to be taken prior to investing your time and your money into the patent process. It will enhance your product better if you do get the patent at the right time.

Independent inventors and small businesses have helped this country take great strides in innovation. Everyone knows a story about one or two inventors who designed world changing technologies in their garage. Amazon, Apple, and Google were supposedly born in garages. The garage genesis story runs deep in American folklore. And every so often, I get the opportunity to meet an independent inventor with their own “garage” who has a great idea and wants to protect it.

A patent provides a right to exclude others from making and using an invention in exchange for instructions on how the invention is made and used. More specifically, a patent offers an inventor the right to exclude others from making, offering to sell, selling, or using a composition of matter, process, manufacture, or machine that falls within the scope of the claimed invention in the patent. Effectively, a patentee can tell people to get off his or her lawn.

A patent can be a valuable tool for an inventor seeking to bring a new invention to market. For small businesses and independent inventors, bringing an invention to market may require seeking out investors or possible licensees who can provide the capital and/or equipment to effectively monetize the invention. Without a patent (or at least a provisional patent or patent application), openly discussing the invention with others could prove fatal to a growing business. But patents are not always easy to come by as discussed on https://openlab.citytech.cuny.edu/gotconcept/elon-musks-greatest-inventions/.

Patent prosecution (i.e., the process by which a patent is attained) can be expensive. The total costs for prosecuting a patent application, from start to finish, can range in the tens of thousands of dollars.

Inventors need to look beyond merely receiving a patent. Inventors need a plan for harnessing and monetizing their inventions before they have a patent application prepared and filed.

Inventors should begin the patent process by developing a business plan. Preferably, a plan should include at least a description of the market for the invention, an explanation of funding for patent prosecution costs, and a proposal for monetization of the patented goods. Assuming a market exists, how will the patented goods reach the market?

By developing a business plan, an inventor can determine if patent protection is a sound business decision. Perhaps the inventor does not have the capital to invest in patent prosecution. Perhaps, regardless of the patentability of the invention, no market exists for the resulting patented products. A savvy inventor should consider these issues before filing a patent application as explained in https://blog.chron.com/frugalconfessions/2020/03/how-much-can-you-make-from-patenting-your-idea/ post.

A patent can be a valuable asset. However, inventors should stop and consider whether a patent is a sound business decision before filing a patent application.