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. You are not only protected from the financial cost and the cost of time in researching and developing it, but also allows you to reap the fullest benefits of that invention or that innovation. 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. For after all, rarely do patent products 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. 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. You have to gain this understanding from a solid market research and a substantial attention to product development.
Make sure that you idea does not infringe on somebody else’s patent. To do that, you should conduct a “preliminary patent search” on government’s 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. In this search you will be able to tell if someone has already gotten your idea.
if you need someone to help you in the task, you can hire an expert to do so.
Next is to develop a basic prototype or a model to determine your product’s functionality. It is here where your product is also tested and reworked as necessary until an acceptable model is finally achieved.
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.
Next comes determining the cost of manufacturing the product. 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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