Business

How to Know if a Patent is Worth the Investment

Patents are not easy to get. They require a lot of work and money and then you are not even guaranteed you will get one. From beginning to end a patent (whether technology, design, software, or hardware) can cost around $25,000. If you have a very simple invention it could be a bit lower. Some can run as high as $50,000.

Some of the factors you need to consider are:

  • Will a patent increase the value of my company to potential investors?
  • Is my competition on the verge of filing a patent on a similar product?
  • Do I need some lead time to get my invention completed?

Increase Value of Your Company:

If any of these things are applicable you may want to spend the money to get a patent. For instance if you own a company that can build this product, you may be able to get financing from a bank or from investors if you have a patent on the product.

People will feel more secure putting their money into your idea if they feel it stands a chance to pay off in the long run. A patent would help.

Beat Competitors to the Punch:

If you feel that your competitors are biting at your heals with a similar invention, this may be a time when a patent is really worth the money. You can file a provisional patent application which does not even require you to stay specific claims.

You would have a year in which to file a full patent application on your invention. You may want to talk to a patent agency like InventHelp or attorney before filing this so that you do not limit yourself on what you can file on your full application.

Do I Need Some Lead Time?

If the invention is not completely ready yet, you can file a provisional patent to give yourself another year to pull the details together. Again this just sort of holds your competition back a little to give you more time to pull your plan together.

Be Aware of This:

Just because you have a patent does not mean that another company cannot steal your idea. There is no patent police. You are responsible for protecting your own patent. If you are getting a patent on a software program, it will be very hard to detect patent infringement because most company’s keep their algorithms hidden.

The only way you may find out about infringements is to steal their coding. This could lead to legal problems for you and the matter was very well explained on https://gazettereview.com/2018/12/change-world-invention-turning-inventhelp/ article.

Getting a patent is expensive and a massive undertaking. Think about the things talked about in this article and if you still feel that you want a one then a patent is really worth the money.