If you have an amazing idea which you are looking to commercialize at some stage, you inevitably are dwindling in between patenting the idea and giving yourself some time. The big question is when should you patent a new idea? At what point should you look to protect your idea and start strategizing on commercializing it?
To patent or not?
It is paramount to always protect your original innovations and ideas before anyone else can steal them but the timing on when to file for patenting, is very crucial. Contrary to popular opinion, patenting an idea is not a guarantee that the idea will automatically be a success. This is why innovators and startups should careful think about the timing of patenting before proceeding to make the patent application.
So, what is the right time to make a patent application? What are the factors to consider before making a patent application? To understand this matter in depth, we talked to the patents guru who happens to be our CEO here at Patent Panda and here is what Tony Guo had to say about the right time to make a patent application.
Right time to make a patent application
Patent applications are very expensive. They can take anything from a few thousand dollars to a million dollars depending on the idea that is being patented and the period the owner is seeking to protect the idea. The patenting fees are therefore a limitation which startups and innovators must be prepared to face in their quest to protect their ideas.
For small startups and innovators who are short on capital, it would make no sense whatsoever to rush into patenting an idea and remaining bankrupt with no capital to commercialize the idea. Patenting an idea, should therefore not be among the top priorities when it comes to starting a business. Before thinking about protecting the idea by patenting it, here are some tips on what to do and factors to consider;
Tips on what to do before patenting an idea
Evaluate the economic viability of the idea
How economically viable is the idea you are looking to patent? Before you make a patent application, you should evaluate the viability of the idea in and its appropriateness in whatever market that you intend to debut the product in.
By evaluating the idea or product, it means that you’ll need to invest a lot of time researching the needs of the target market, presence of competition or lack thereof, and other aspects such as pricing. Once you have understood your product and ascertained that it can be viable economically, you can then start thinking about patenting the idea.
Patent research
Take time and conduct extensive research to ensure that the idea you are intending to patent, is not already patented. There are very many resources available online and you should take advantage of them to establish whether a similar has been patented or not.
Consult an attorney
Once you have established that the idea is economically viable and that no one has patented a similar idea, it is advisable to seek legal advice on the matter. Hire a patent attorney to help you identify the specific faucets of your idea that need patenting and the best period to patent the idea over.
Patenting an original idea shouldn’t be an option
The benefits of patenting an original idea, outweigh choosing to venture into the market without protecting your idea. Here are some of the benefits of patenting an idea;
With a patented idea, you get the freedom to conduct business without having to worry about being sued. Secondly, you can get a lot of money from patenting an economically viable idea and letting other companies pay licensing fees for commercializing the idea.
There is nothing as sweet as cashing in on your own creativity and sweat. This is why you should be keen to patent your idea and commercialize it as soon as you have the required funds. By sleeping on the idea, someone will take it up and will start earning from your creativity which is wrong.
When pitching your idea to potential investors, evidence of a patent will not only improve your company’s CV but will show your commitment to the idea and this helps improve the value of the company. Investors would not love to invest in a risky product which might see them lose millions in case of a lawsuit.
If you are a small startup in Texas and are in a limbo concerning patenting an idea, look no further than Patent Panda’s way for the best legal advice on patenting. Our passionate team of experience patent attorneys will offer the best advice and guidance on patenting an idea and will help you with the actual application process.
Equally if you are entangled in a legal suit concerning patent infringement, look no further than our way for high quality legal services and counsel. Give us a call today to schedule a meeting and talk to the experts.