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. With this you are also protected from the financial cost and the cost of time that you have invested and developed it, and it allows you to reap the fullest benefits of what you have invented or innovated. 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.
Patent is a very valuable tool yet it is not a guarantee 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. There have been a lot of products with patents which did not ever make it to market.
So before you decide to move forward in patenting your invention, it is crucial to first evaluate your idea if your 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. This information goes far beyond your gut feeling and the encouraging comments that you receive from friends and family. You have to gain this understanding from a solid market research and a substantial attention to product development.
You have to make sure that your idea does not infringe on someone 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. 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.
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. 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.
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