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. 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. 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.
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. 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. 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. 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. In this search you will be able to tell if someone has already gotten your idea.
You can also hire an expert to help you in this task.
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.
More information: https://vimeo.com/