Have an Idea?

You should try to determine what your idea is worth before you consider selling or licensing your patent. Here are some tips for how to estimate the market potential of your idea.

If the patent application fails then it is always worth challenging the decision. 

Conceptual drawings illustrate your description. Usually, they will be prepared by a draftsman or technical illustrator to show details of how your invention works.

If you plan to develop your idea yourself, be sure to consider the resources you will need to bring your product to market. Estimate costs such as raw materials, prototypes, engineering, design, and legal services. You also may need to find manufacturing and/or distribution partners.

Not everyone makes it to SharkTank. Crowdsourcing sites like KickStarter or GoFundMe let you tap into your social network to raise money. You may also consider approaching potential partners directly for R&D funding. In many instances, a joint development agreement with a partner can help offset R&D costs and be the most effective method of bringing your idea to market.

Congrats on coming up with your idea! In order for an idea to be patentable it must be new and inventive – not just an obvious combination of or modification to something that already exists. It also must be something that can be made or used. If your idea meets these criteria, follow the steps below to get that great idea patented.

The invention description includes background and technical information that allows others to understand what your invention is, how it works, and how it could be made.

The patent application process is long and complicated. It can take years to go through the process and it can be very expensive. Planning helps you determine if it will be worth the effort to patent your idea. Start by making sure you know the difference between a provisional patent, a non-provisional patent, a trademark, and a copyright. Learn more

Selling your idea outright can provide you with up-front compensation and less risk if your product never makes it to market, but a license and royalties agreement can lock in revenue potential for many years to come.

Your patent agent or attorney will help you prepare the information for your application. It will include your description, conceptual drawings, and patent claims.

Once your patent is approved, you need to find the best way to turn your idea into a product. You might consider selling or licensing your patent to another company or you can attempt to develop and manufacture the idea yourself.

Revisions

If your examiner decides your application does not meet the requirements for a patent, you’ll have the opportunity to defend and make amendments to address their concerns. In order not to jeopardize your patent application, correctly defending the patent is vital – it can make or break the strength of your patent. Experience counts here so we recommend using a patent agent or attorney to assist with this step.

Challenge

You also have the option of arguing against the examiner’s objections. If that fails, you can appeal the decision to the Patent Trial and Appeal Board (PTAB). This may be your last chance, so we highly recommend using a patent agent or attorney to assist with an appeal.

Once your patent is approved, you need to find the best way to turn your idea into a product. You might consider selling or licensing your patent to another company or you can attempt to develop and manufacture the idea yourself.

Patent claims are the legal statements that set out the technical features of your invention that are to be protected. Patent claims are the foundation of the intellectual property you plan to protect and are the core of your application. Be sure to pay closest attention to the details included in the claims since they directly affect your patent.

There are a number of fees required for obtaining a patent. A basic filing fee is $300, and that’s just the beginning! There can be additional fees in certain circumstances. There are patent search fees and patent examination fees. Once you have a patent there will be patent maintenance fees and potentially patent reissuance or extension fees. These fees can easily run into the thousands of dollars over the life of your patent.

You can find a full schedule of USPTO fees here.

Before you apply for a patent, make sure your invention really is new. Search for similar inventions on the USPTO website or the worldwide patent database, Espacenet. You can also use tools like Google Patents. Hiring a seasoned professional patent search consultant to do the research for you is also an option depending on your budget.

Invention Description

The invention description includes background and technical information that allows others to understand what your invention is, how it works, and how it could be made.

Just because the patent doens't pass the first time doesn't mean it isn't viable. Ask for clarification and make any necessary revisions.

Licensing the rights to your patent is an excellent way to maintain control over your idea. If your idea takes off, royalties provide you with an ongoing revenue stream. Learn more about different types of licensing agreements

You may need to enlist the help of sales and marketing experts. Marketing costs might include logos, packaging design, customer research, focus groups, PR and advertising, collateral, a website, and social media. Joint development partnerships can also be a way to offset these costs.

If you are serious about applying for a patent, you may need a patent agent or patent attorney. Only a small percentage of people who apply without professional help are granted a patent. An attorney or agent can give you valuable advice or even prepare and manage a patent application on your behalf. Expect to pay $3,000 - $5,000 or more to have an attorney help you with your initial patent application.

And now you wait. Patent examinations can take years. Your patent examiner may have objections to your application, but you will be able to defend, provide amendments or make arguments throughout the examination process.

If you are serious about applying for a patent, you may need a patent agent or patent attorney. Only a small percentage of people who apply without professional help are granted a patent. An attorney or agent can give you valuable advice or even prepare and manage a patent application on your behalf. Expect to pay $3,000 - $5,000 or more to have an attorney help you with your initial patent application.

Your patent agent or attorney will help you prepare the information for your application. It will include your description, conceptual drawings, and patent claims.