Requirements for Getting a Patent
Patent protection gives you the right to stop others from copying, manufacturing, selling or importing a novelty without your permission. You are not only protected from the financial cost and the cost of time in researching and developing it, but also allows you to reap the fullest benefits of that invention or that innovation. 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 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.
One thing to do before you decide to have your invention patented, is to determine is commercial value if it is viable or not. To help you do that, you have to understand your product, your target market and what other products are available that is serving the same 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. To do that, you should conduct a “preliminary patent search” on government’s records. Your goal in this search is to pry or to check the keywords where you pry on every possible pivotal concepts of the invention. After doing the pry-at search you then proceed to the freedom to operate search which gives information on the protection period of the patient. Here you can make sure that your idea is free and has not been patented by anyone.
You can also hire an expert to help you in this task.
You need to also determine your product’s functionality by developing a basic prototype or model. It is here where your product is also tested and reworked as necessary until an acceptable model is finally achieved.
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.
Next comes determining the cost of manufacturing the product. The production cost should definitely be less than what the market is willing to pay for it.
If you have found yourself a commercially viable product, then next decide if you will get a patent for it or not.
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