With the advent of Patent regimen it has become possible for inventors to monetize their ideas thorugh knowing the facts before patenting. However, mere serving a purpose is not enough and there are various other things those should be looked at to ensure that the invention is commercially viable. The inventor need to know the things before patenting their work. With this article we came up with some common but important things which every owner should do before patenting their invention.
What to know before Patenting?
We will go through each of these one by one.
- Patent search- Before even you think investing your money on patenting an idea do the comprehensive patent search to ensure that your idea/invention is novel and you are simply not reinventing the wheel. Apart from this, a complete patent search also help you avoid infringing on someone else’s patent saving you from incurring a hefty sum of money. Try to do a search which is complete in nature wherein one should use various fields, keywords and databases that are of importance. Though a preliminary patent search could be done by any normal person but taking the assistance of a professional patent search firm could be the best option as patent filing involves hefty sum of money. A small error can be detrimental to your goal.
- Develop the Prototype- If your invention is not a utility patent and it is an article of manufacture then one should come up with a prototype. A prototype is important because it lets you rest in peace that all the components of the article are in place and its functionality is intact. A prototype becomes important because at latter stages of patent filing amendments are not allowed.
- Do a thorough market research- The ultimate goal of your invention underlying in a patent is either to manufacture something or use it as a utility. Whichever may be the case, it is important to assess the underlying market. Market research is all about that, in which we assess whether there exists a viable market for that products or not. One needs to define the geography of the market, social strata that are going to consume the product, competitors who are already working in that arena all these things.
- Cost to manufacture- This is the last but most important thing that we need to do before filing patents. Without assessing cost to manufacture it might be a money pit that may cause heavy monetary loss.
In a nutshell we can say is that you need to remain vigilant if you are going to reduce an idea into practice and the journey starts with a comprehensive patent search. Ignoring above mentioned fact could make your whole attempt an exercise in futility.