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. And, you are given a pre-determined period to establish your trade and keep others from entering the same pursuit though 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 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.
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. 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. You have to gain this understanding 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. 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. Here you can make sure that your idea is free and has not been patented by anyone.
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.
If you now have a perfect model, you can start to define you market and determine how much large the market is. A very small product might not be viable commercially.
The cost of manufacturing consequently must be determined. 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.