When you create a new product, the first thing you may want to do is to protect your invention to reduce the chance of it being copied. However, substantial costs are associated with procuring a patent, and it is not always worth the effort or money. Take the time to weigh your options to decide whether or not filing for a patent is the best way for you to go.
Originality
Take measures to ensure that your invention is an absolute original. Scour patents already in existence to see if the product or a similar one exists. With the costs you can incur throughout the process, you do not want to begin with a duplicate that will ultimately send you back to square one.
Potential for Profits
Even if your invention is truly unique, evaluate if it will truly be profitable. Take into consideration the cost of obtaining a patent, which may be as little as a few thousand or upwards of $20,000. If you are looking to go international, patents can run you hundreds of thousands of dollars. Include the costs you will have for the manufacturing of your product, the maintenance fees that will be associated with it down the road, and the marketing costs to get it to the consumers. Additional patents may also need to be filed for changes and improvements you make to increase effectiveness and keep up with technological advances.
If your product is only going to be attractive to a certain niche, be sure it is valuable enough to that group to make the pricing necessary to be profitable. Consult with an independent group to perform a full evaluation of whether or not it is truly feasible. Consulting with your family or friends on the matter may give you the emotional support you need to build your confidence, but you are unlikely to garner the honest reviews that you need to make well-thought-out decisions on the matter. Do be wary of firms created specifically to assist inventors. While there are some that are on the level, quite a few fraudulent organizations prey upon unsuspecting folks going through the process for the first time.
Timing
It is important to work out the kinks prior to filing, but do keep in mind that there is a deadline. Once you display your invention in a public arena or sell it, or even publish details about it, you have one year from the initial date in order to file your patent. Of course, it can be difficult to obtain the funds you need, so it is possible to extend your timeline by filing an application for a provisional patent. This extension will allow you an additional year for tweaks and fundraising. It also gives you a bit more time to fully evaluate your product to decide that it is, in fact, worth the money you will be investing.
Alternatives
If your invention is in an industry that is ever changing or has the potential to become obsolete before making substantial profits, consider if it is possible to use it as a trade secret to avoid the patent process altogether. You can also attempt to make your mark in the industry before another company or individual has time to copy you, giving you a chance to be the top dog without the investment of a patent.
If you have carefully combed through all of the details of your invention and are still on board with obtaining a patent, do not embark upon it alone. Consult an attorney in patent law to ensure all of your bases are covered. Take note that will add on an additional few thousand dollars or more to your costs, not including the filing fees and response costs you may incur. However, the legal knowledge that this brings to the table will ensure the process is done correctly and leaves you protected.
Legal Disclaimer
The content on our website is only meant to provide general information and is not legal advice. We make our best efforts to make sure the information is accurate, but we cannot guarantee it. Do not rely on the content as legal advice. For assistance with legal problems or for a legal inquiry please contact you attorney.