Are you patenting a product buried under your to-do list that you wish to pursue? Here’s how to stop making mistakes and what to avoid when you patent an idea or concept.
Mistake 1: Selling before you patent an idea or concept
Under a USPTO patent rule, there is a 12 month opening after the first general exposure of an idea during which to file for a patent. For this reason, if you sell your invention or even show it to the public, you might set off an alarm. If the alarm sets off, you will have fortified the patent rights to your idea.
Since the America Invents Act in the year 2011, USPTO has adopted the first to file rule, reinstating the last first to invent principle. It doesn’t matter if you were the first one who came up with the idea. If you bring product to market or show your idea before having a patent on file, you might also be providing another person with a great chance to steal it.
Mistake 2: Having unrealistic expectations
A frequent problem with most first time inventors is that they have unrealistic expectations. Listening to bad advice, making poor choices and even breaking lucrative deals. When it comes to service or product licensing, first-time inventors usually expect quick wealth and fame.
You will make some money, but it will take some hard work. As Edison Thomas claimed ‘Genius is 1 percent inspiration and a 99 percent perspiration’. If having an excellent idea can make you wealthy and famous, then we would all be rich inventors.
You should set goals that pertain to the market value of an idea. Consider the investments required by the licensing firm so they can take your idea to market.The problem with most first time #inventors is that they have unrealistic expectations Click To Tweet
Mistake 3: Not conducting your research
It is important to carry out an industrious research to avoid becoming liable to losing investments. Have a realistic notion of the ‘marketability of your idea,’ to make sure that you are not carried away.
With this in mind, there are two steps you must undertake:
First, you need to conduct a preliminary market research to know if your idea is capable of making money. Market research is a continuing procedure throughout your product or service development.
It is a conversation with your potential clients, so you need to start learning early how to stop making mistakes patenting an idea or concept. View what is out there, and attempt to ascertain a real sense of the types of market that will support your idea.
Second, try to figure out if anyone else has already claimed your idea. You can do so by doing a professional patent research. It will save you the trouble of inventing something that has already on the market. You can search the Web, stores, or have a look through the patent databases.
Mistake 4: Terrible Provisional Patent Applications (PPA)
The provisional patent application (PPA) is a helpful tool, but can also be disastrous. The provisional patent application is simple to file since all you need to do is finish a cover sheet and attach the descriptions of your idea.
There aren’t any requirements to a particular format, and in fact, the patent office does not even look or read your application.
The provisional patent application permits you to claim a patent pending status and give you a valuable early filing date. The description when filing patent application should match the nonprovisional patent utility.
If your idea alters much between your application and the end product, your application will be negligible. You will end up wasting a lot of money and also lose your filing priority date.
Mistake 5: Falling to idea marketing scams
Many invention help companies will target naive inventors with promises of making them wealthy. The firm will offer marketing and patent research services for a few thousand dollars.
If you fall for it, the invention marketers will promise you that the market loves your design. But what they request is another payment in exchange for not charging royalties.
Once you fork over thousands of dollars, it will be enough for them, and you will never hear from them again. You must be careful and aware of how to stop making mistakes like this.