Source: entrepreneur.com

How to Know if Your Invention Is Worth a Patent?

Are you an inventor, but you have a large number of ideas, and you think that they don’t deserve to see the light of the day? A lot of inventors feel that way, but patenting your invention is a crucial step no matter what happens to it later on. So how do you know which invention is worth patenting?

To get an answer to your question, it is best to check some things. They will lead you to a smart business move. Otherwise, you can spend thousands of dollars and a lot of time on something that doesn’t look good at first. So don’t delay checking every time. You need to be one hundred percent sure that you are going in the right direction.

Remember that this is a process that involves a lot of work, checking, reviewing, but also everything else. It is important that you remain patient, responsible and consistent. We are sure that you will only have good business moves then. Below you can read how to determine if you are going in a good enough direction.

1. Patent potential

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How will you know if your patent really has potential? It’s simple. Start with the audience to better evaluate your idea. First of all, you need to be well acquainted with your product, target market, but also the competition. These are all factors that will influence the choice of your audience. Many people listen exclusively to their friends and family, but that is the wrong approach. They often cannot remain objective or know very little about the patent. Either way, conduct market research and map out your product development path.

This way you will not waste time, money and energy in vain. Otherwise, you can spend a lot of time working on something that is not interesting to the market at all. So before you apply for a patent, think about important factors. If you are struggling to understand whether it is idea worth of a patent, you can ask specialized companies, like Invent Help, to help you. That will significantly improve your chances and make everything go fast and smooth and you can read more here about the process on how they do so.

2. Intellectual property

Another thing you need to pay attention to is this. Try not to violate the law on intellectual property, your idea must not violate someone else’s patent. To avoid this, do searches. This way you will be sure that no one has patented your idea before you. If you are not confident enough in your search capabilities, hire a patent attorney to help you do this part of the job properly. However, you can also find the information you need on Google Patents.

3. The value of an idea

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Our advice is to check the idea well by asking yourself a few basic questions. The first question you need to ask yourself is about the help you had during work or not. So, consider whether you created the invention yourself. Only if you are the real inventor can you own a patent. There are those whose ideas are based on the ideas of the employers and the company you work for. In that case, you are not the owner of those ideas. Also, think about how useful your idea is, because it must first and foremost have a functional benefit.

The next thing you need to keep in mind is the possibility of selling. Consider whether it can be sold and who is willing to give money to buy your invention. Don’t forget to research the market to be sure of profitability. The idea should also be unobvious. For example, a person working in your industry may already know about this idea. Therefore, the court will find the difference between invention and existing knowledge in the industry. Another question you need to ask yourself is about the patent class. Find out which class your patent belongs to.

4. Production price

Depending on how much the production of the product will cost, you can conclude whether it is worth that amount of money or not. For example, if you find that the market will not pay as much as you need, there is no point in continuing with this. Only if you are sure that you will succeed and you do not see any obstacles on the way, you should continue towards your goals. This is exactly the reason why many products have never ended up on the market. And don’t forget about a trademark or copyright, as that can be more cost-effective than a patent. Of course, it all depends on the product as well as the business. If you don’t care about money and mate more than enough, you have room for error. However, if you are limited by time and money like most, be prudent and do not waste resources.

5. From idea to patent

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When you cross this path you can very easily get stuck in the idea phase. Remember that you have to think constantly, but also to move in business. However, if you also feel stuck, we know what will help you. You need momentum. To fix this, think about your personal life and remember which task you avoid the most. It is clear to you that it will not disappear on its own and that the more you avoid it, the more problem you will end up with. As soon as you start solving it and dive deep into it, you will realize that it is essentially not as difficult as you thought it would be. Don’t just sit at the computer until you achieve nothing, there’s no idea. Look for a creative place that will suit you and improve your state of mind. Next, find a strategy that will help you get started and expand each idea. It won’t come all at once, but over time it will get better and better.

6. Advantages and disadvantages of the patent

If you can’t find the advantages and disadvantages of a patent on your own, find someone who will do it for you. An expert who deals with this can determine if you have met all the requirements. For example, it refers to formats, use of a certain language, legal pitfalls, coverage, etc. So don’t just rely on a lawyer. Gather around you a team of experts who will make your patent a truly valuable tool, because only then will you be able to face the competition.

Conclusion:

There is no universal answer to your question. You will find it when you take into account all the important factors, finances, idea, legal issues and everything else. If you are not sure that you can handle this on your own, seek help. This means that you can contact a service provider, inventory coach, but also friends and family for help.

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