Benefits of Having a Patent
People are not allowed to copy, manufacture, selling, or important your own creations without your permission if you have patent protection. As inventor or creator you receive the fullest benefits of your invention, and you are protected from the costs that you have invested, both financial, and time that you have invested to develop it. You are then given a pre-determined period to allow you to have enough time to establish your trade and keep others who are financially capable from entering that pursuit.
The simple fact is, a patent is a very valuable tool – but it is hardly your number one docket to success. Securing a patent can cause you thousands of dollars, and this is the reason why it is important to take some steps to make sure that this is a smart business move. This is because most patented products do not even make it to market.
So before you decide to move forward in patenting your invention, it is crucial to first evaluate your idea if your invention has a viable commercial value. What you need to do is to understand you product, your target market, and similar products in the market. Somehow the information you get here goes far beyond your gut feeling and the encouraging words given by your family and friends. A solid market research and attention to product development will give you this understanding.
You have to make sure that your idea does not infringe on someone else’s patent. What you can do is conduct a preliminary patent search on government records. Your goal in this search is to pry or to check the keywords where you pry on every possible pivotal concepts of the invention. The other search after the pry-at or keywords search is the freedom to operate search where in look at the protection period of the patent. This step will help ensure that your idea has not already been patented.
Hiring an expert to help you in the task is much better than doing it all by yourself.
You need to also determine your product’s functionality by developing a basic prototype or model. Testing and reworking of your product follows until you are able to achieve that is acceptable.
Once you have the perfect dummy, you can now start to define your market and determine how large that market is. If you product is too small, its commercial viability might not be good.
Then you need to determine the cost of manufacturing your product. Determine whether the production cost is less than the price the market is willing to pay for it.
If you have found yourself a commercially viable product, then next decide if you will get a patent for it or not.