Are You Making These Mistakes With Your Inventions

IP News and Information

Have a great idea? Have you turned that idea into a product and now your ready to make a fortune? Many, if not all, inventors want to see their ideas become a reality. Most inventors are looking to us their products to make a lot of money, as well. The trouble is, there are a lot of inventors that don’t know how to turn their invention into a profitable business. There are many ways to monetize an invention, but it takes the right knowledge and expertise to do it correctly. So, although many individuals and companies come up with new and innovative ideas on a regular basis, not all of these great ideas become profitable. A lot of that has to with the fact that many inventors make some key mistakes when trying to patent and monetize the intellectual property involved with their invention.

Avoid These Mistakes

The first thing you should do if you have a new invention is to seek a patent for it. That means you need to file a patent application with an IP attorney. Even if your product is ready to go to market and you have people interested in buying it, make sure you file for a provisional or non-provisional patent as soon as possible. In fact, it’s often best to have a patent, or patents, in place before you start selling your product. The biggest problem occurs when someone begins selling a product and then waits too long to file for a patent. You have only 12 months to file in the U.S. after your product is first sold. If you don’t apply within that time frame, then you lose your opportunity.

Provisional Patent Problem

Another mistake inventors make is to file a less-than-sufficient provisional patent that offers no real IP protection. It is true that filing a provisional patent can be very simple and in some cases, rather cheap. However, as with most things in life, you get what you pay for. If you choose to go with a bargain-basement patent filing service, you could end up with a piece of paper that is essentially worthless. The problem lies in the details. All you really need to do is give a description of your invention and turn it in with a cover sheet. However, the patent office wants to see the same level of detail for a provisional patent application as it does for a non-provisional patent. If you don’t give enough information then it could be the same as if you had never even filed it. Your best bet is to pay a little extra and get the application done right.

Do Your Research

Another important step you need to take is to thoroughly do your research. Although your product might be unbelievably cool and original, the real possibility exists that someone else has already come up with the same, or very similar, idea and patented it. That means you need to use a professional patent search to discover whether or not a patent is even worth filing. Why spend the money on a patent application if someone else has already patented the same basic invention?

Time to Monetize

When you have your patent in place, or your proper application filed, then you can start working to monetize it. That is a perfect time to contact an IP broker, like IPTrader. At IPTrader we can help you monetize your IP in a number of ways. So, if you are ready to turn your intellectual property rights into profits, then contact IPTrader to get started. We’ll help you find candidates that want to buy or license your IP. Click here to contact us and learn how we can help.