Benefits of Having a Patent
With patent protection, you have the right to prevent others from copying, manufacturing, selling or importing you original creation without your permission. 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. 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.
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. 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. Then after the pry-at search, the freedoms to operate search which has something to do with the protection period of the patent. In this search you will be able to tell if someone has already gotten your idea.
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.
Now you can define your market and determine how large it is after making a perfect dummy. If it is too small, your product may not be commercially viable.
Next comes determining the cost of manufacturing the product. Whether the cost to make is less than the market is willing to pay for it.
If you have found yourself a commercially viable product, then next decide if you will get a patent for it or not.