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. 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. 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.
The simple fact is, a patent is a very valuable tool – but it is hardly your number one docket 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 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. This information goes far beyond your gut feeling and the encouraging comments that you receive from friends and family. This has to come 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. 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. 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.
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. 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. If you product is too small, its commercial viability might not be good.
Then you need to determine the cost of manufacturing your product. Determine whether the production cost is less than the price 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.