Considerations to Get 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. 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.
It might be very useful to patent your creations yet it is not the main thing that will make you successful. So, before pouring out your money in securing a patent, you need to take some steps to make sure that this business move is a smart one. 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. What you need to do is to understand you product, your target market, and similar products in the market. 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.
You product has to be unique, something that is not anything similar to somebody else’s patent. Government records can be searched in order to find out if there is a patent for a similar product. The primary goal of the search starts with a pry-at search also known as keyword search 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. Here you can make sure that your idea is free and has not been patented by anyone.
Hiring an expert to help you in the task is much better than doing it all by yourself.
You need to also determine your product’s functionality by developing a basic prototype or model. Here your invention is tested and reworked so that an acceptable model will come out from it.
Now you can define your market and determine how large it is after making a perfect dummy. A very small product might not be viable commercially.
Then you need to determine the cost of manufacturing your product. The production cost should definitely be less than what 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.