The light bulb
above your head is glowing so bright that it's threatening to blind everyone
around you. But what should you do with your great invention idea? Before you
start blabbing about your invention to the wrong person or run to the first
company that offers to buy it, you need to do one thing: Protect it.
Whether you want to produce and market your invention yourself
or license it to another company, the only way to make money from your
invention and to guarantee that no one will steal your idea is to file a patent
with the Patent and Trademark Office. This can be an intimidating process, so
we've asked Andy Gibbs, CEO of PatentCafe.com, to break
it down for you in five easy steps.
Step 1: Document It
Simply having an "idea" is worthless--you need to have
proof of when you came up with the idea for your invention. Write down
everything you can think of that relates to your invention, from what it is and
how it works to how you'll make and market it. This is the first step to patenting
your idea and keeping it from being stolen. You've probably
heard about the "poor man's patent"--writing your idea down and
mailing it to yourself in a sealed envelope so you have dated proof of your
invention's conception. This is unreliable and unlikely to hold up in court.
Write your idea down in an inventor's journal and have it signed by a witness.
This journal will become your bible throughout the patent process. An
inventor's journal can by any bound notebook whose pages are
numbered consecutively and can't be removed or reinserted. You can find
specially designed inventor's journals at bookstores (try Nolo Pressor the Book Factoryto start),
or you can save money and purchase a generic notebook anywhere they're sold,
such as the grocery store, office supply store, stationary store, etc. Just
make sure it meets the requirements above.
Step 2: Research It
You will need to
research your idea from a legal and business standpoint. Before you file a
patent, you should:
- Complete
an initial patent search. Just because you haven't seen your
invention doesn't mean it doesn't already exist. Before you hire a patent
attorney or agent, complete a rudimentary search for free at www.uspto.gov
to make sure no one else has patented your idea. You should also complete
a non-patent "prior art" search. If you find any sort of artwork
or design related to your idea, you cannot patent it--regardless of
whether a prior patent has been filed.
- Research
your market. Sure,
your brother thinks your idea for a new lawn sprinkler is a great idea,
but that doesn't mean your neighbor would buy one. More than 95 percent of
all patents never make money for the inventor. Before you invest too much
time and money into patenting your invention, do some preliminary research
of your target market. Is this something people will actually buy? Once
you know there's a market, make sure your product can be manufactured and
distributed at a low enough cost so that your retail price is reasonable.
You can determine these costs by comparing those of similar products
currently on the market. This will also help you size up your
competition--which you will have, no matter how unique you think your
invention is.
Step 3: Make a Prototype
A prototype is a model of your invention that puts into practice
all of the things you have written in your inventor's journal. This will
demonstrate the design of your invention when you present it to potential
lenders and licensees. Do not file a patent before you have made a
prototype. You will almost always discover a flaw in your original design
or think of a new feature you would like to add. If you patent your idea before
you work out these kinks, it will be too late to include them in the patent and
you will risk losing the patent rights of the new design to someone else.
Here are some
general rules of thumb when prototyping your invention:
1. Begin with a drawing. Before you begin the prototyping
phase, sketch out all of your ideas into your inventor's journal.
2. Create a concept mockup out of any material that will
allow you to create a 3-D model of your design.
3. Once you're satisfied with the mockup, create a
full-working model of your idea. There are many books and kits that can help
you create prototypes. If your invention is something that will cost a lot of
money or is unreasonable to prototype (like an oil refinery process or a new
pharmaceutical drug), consider using a computer-animated virtual prototype.
Step 4: File a Patent
Now that you have all of the kinks worked out of your design,
it's finally time to file a patent. There are two main patents you will have to
choose from: a utility patent (for new processes or machines) or a design
patent (for manufacturing new, nonobvious ornamental designs). You can write
the patent and fill out the application yourself, but do not file
it yourself until you have had a skilled patent professional look it over
first. If the invention is really valuable, someone willinfringe on
it. If you do not have a strong patent written by a patent attorney or agent,
you will be pulling your hair out later when a competitor finds a loophole that
allows them to copy your idea. It's best to get the legal help now to avoid any
legal problems in the future.
When searching for
a patent attorney or agent, remember one thing: If you see them advertised on
TV, run away! Once you are far, far away, follow these steps to choosing the
best patent professional:
1. Do your homework. Have your inventor's journal, prototype
and notes with you. This will save them time, and you money. This will also
help persuade them to work with you.
2. Make sure they are registered with the Patent and
Trademark Office.
3. Ask them what their technical background is. If your
invention is electronic, find a patent professional who is also an electrical
engineer.
4. Discuss fees. Keep your focus on smaller patent firms.
They are less expensive and will work more closely with you. Agree to the
estimated total cost before hiring your patent professional.
Step 5: Market Your Invention
Now it's time to
figure out how you're going to bring your product to market. Create a business
plan: How will you get money? Where will you manufacture the product? How will
you sell it? Now is a good time to decide if you will manufacture and sell the
product yourself, or license it for sale through another company. When you
license your product you will probably only receive two percent to five percent
in royalty fees. This often scares away inventors who feel they deserve more.
But consider the upside: You will not have the financial burden associated with
maintaining a business. This could end up making you more money in the long
run.
Following these
five steps will ensure an easy road to patenting your invention. Just remember
that an easy road doesn't necessarily mean a short one. From the time you
conceive your idea to the time you see your product on the shelf is a very long
process. Most inventions take years to come to fruition. Have patience and
follow due diligence in your steps to patenting your invention and your years
of hard work will finally pay off.
© 2014 Entrepreneur Media
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