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. 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.
It might be very useful to patent your creations yet it is not the main thing that will make you successful. So, before pouring out your money in securing a patent, you need to take some steps to make sure that this business move is a smart one. This is because most patented products do not even make it to market.
One thing to do before you decide to have your invention patented, is to determine is commercial value if it is viable or not. To help you do that, you have to understand your product, your target market and what other products are available that is serving the same market. This information goes far beyond your gut feeling and the encouraging comments that you receive from friends and family. This has to come from a solid market research and a substantial attention to product development.
You product has to be unique, something that is not anything similar to somebody else’s patent. Government records can be searched in order to find out if there is a patent for a similar product. Your goal in this search is to pry or to check the keywords where you pry on every possible pivotal concepts of the invention. After doing the pry-at search you then proceed to the freedom to operate search which gives information on the protection period of the patient. 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. It is here where your product is also tested and reworked as necessary until an acceptable model is finally achieved.
Now you can define your market and determine how large it is after making a perfect dummy. A very small product might not be viable commercially.
Then you need to determine the cost of manufacturing your product. Whether the cost to make is less than 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.
More information: More Bonuses