Benefits of Having a Patent
With patent protection, you have the right to prevent others from copying, manufacturing, selling or importing you original creation without your permission. 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. It also allows you time to establish you trade and bars others from entering that same pursuit eve if they are financially capable.
The simple fact is, a patent is a very valuable tool – but it is hardly your number one docket to success. So before you invest thousands of dollars in securing a patent, there are steps you should take to ensure that it is a smart business move. There have been a lot of products with patents which did not ever 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. You should go beyond gut feeling and the encouraging comments from your friends and family. 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. The primary goal of the search starts with a pry-at search also known as keyword search where you pry on every possible pivotal concepts of the invention. Then after the pry-at search, the freedoms to operate search which has something to do with 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.
Next is to develop a basic prototype or a model to determine your product’s functionality. Here your invention is tested and reworked so that an acceptable model will come out from it.
If you now have a perfect model, you can start to define you market and determine how much large the 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.
So when everything is considered there are no more roadblocks to commercial success, now it is time to consider if you need a patent for it or not.