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.
Patent is a very valuable tool yet it is not a guarantee to success. So before you invest thousands of dollars in securing a patent, there are steps you should take to ensure that it is a smart business move. 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 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. 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 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. The primary goal of the search starts with a pry-at search also known as keyword search 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. Here you can make sure that your idea is free and has not been patented by anyone.
You can also hire an expert to help you in this task.
Next is to develop a basic prototype or a model to determine your product’s functionality. Testing and reworking of your product follows until you are able to achieve that is acceptable.
Once you have the perfect dummy, you can now start to define your market and determine how large that market is. A very small product might not be viable commercially.
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.
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