Benefits of Having a Patent
Patent protection gives you the right to stop others from copying, manufacturing, selling or importing a novelty without your permission. You are not only protected from the financial cost and the cost of time in researching and developing it, but also allows you to reap the fullest benefits of that invention or that innovation. 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. For after all, rarely do patent products ever make it to market.
So before decide to have you invention patented, make sure to evaluate your idea first and see if this invention has a viable commercial value. To do this, what you need to understand first is your products, your target market, and the other products that are available to consumers that is serving the same market as you. 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 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. When you search these government records make sure you check the keywords for every possible concept 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. Here your invention is tested and reworked so that an acceptable model will come out from it.
Now you can define your market and determine how large it is after making a perfect dummy. If you product is too small, its commercial viability might not be good.
The cost of manufacturing consequently must be determined. The production cost should definitely be less than what the market is willing to pay for it.
Once all these are determined, there are no roadblocks to commercial success, then it is time to consider whether or not you need a patent for it or not.