Patents are a kind of intangible assets which tend to be only felt by a business firm on its level of growth. They are either purchased or built upon on their own of the business firm.
The following are the tips for the new patent practitioners.
- Don’t use “invention development” companies
There are a lot of companies there who claim they will bring your product to market. Only a small fraction of inventions, even patented inventions, make it to the market, and even a smaller fraction ever makes a profit. Invention development companies that offer to market your invention usually have inferior track records. Be especially wary of those that require an up-front fee. In any relationship, it is best that both parties’ interests be well-aligned. Invention development companies which need an up-front fee profit regardless of whether the product makes you, the inventor, any revenues, and that is not a proper alignment of interests.
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- Pick one invention and stick to it.
Inventors have ideas, and most inventors have a lot of ideas. But it’s not the “I’m an ideas person” inventors (i.e., those who expect someone else to do the real-world legwork) who are the most successful. It is the inventors who dedicate themselves to one idea and get their hands dirty with the prototyping and development challenges which are the most successful. Yes, there are rare instances where someone comes up with an invention, gets a patent, and right away licenses it to a big corporation and makes oodles of money. However, that is extremely rare. The most straightforward part is coming up with the invention. The next most natural part is patenting it. The hard part is bringing it to market and making money. If you want to bring your creativity to the world, you should be prepared to spend substantial amounts of time and effort on the post-patenting part. So if you have many great ideas, pick the one that you’re willing to devote yourself to and stick with it.
- Beware of cheap patent preparation services
You always get what you are paying for, and that is particularly true in the world of patents. A cheaply-written patent application can be worthless. Every word of a patent application is essential — a two-letter preposition can mean the difference between a valuable license and a worthless one. Worse yet, a poorly written form have a far higher likelihood of being rejected by the Patent Office, never to be issued as a patent. So beware of bargain-basement prices.
Design can be essential, and for instance can be the reason that a particular product is chosen or preferred. A substantial amount of work may be involved in producing a design, and it is therefore vital wherever possible to protect this design work. Design protection can be useful for preventing competitors from utilizing the same or a nearly similar design. Design protection can be used when necessary against another party who has produced the same or a strictly identical plan, and particularly where a model has been copied. Design protection can also be used in enabling a design to third parties and therefore potentially providing an extra income source.