Patents have a nearly mythical aspect to them in the world. You invented something? Where is your patent? You have an idea? Better patent it? But when do you need a patent and when can you just run with your idea? I know the whole thing can appear daunting. There are thick books dedicated to patenting something yourself. But it doesn't have to be that hard.
Here are a few things to consider when you've invented something.
First, consider secrecy. Is your invention something you can keep secret when you sell it or will the act of selling it disclose the details? We'll look together at trade secrets in an upcoming blog post, but to summarize, if you can keep the device, method, or system you are patenting secret so that no one can reverse engineer your 'secret sauce,' then a patent is not necessary! However, if they can take it apart, watch it operate, or does a process no one else does, then patenting it is the most important thing you can do.
Second, seriousness. Your invention is only as important to patent as you are serious about selling it. If your invention is nifty but you don't care about making money from it, then you should let it go into the wild without protection. Ideas should be free! Well, unless you want to make money from it, then you should probably patent it. The idea will still be free, after it spends the next two decades making you some money. In future blog posts we will talk about flavors of patent applications that you can consider, such as provisional and utility applications, their costs, and their pros and cons.
Third, risk tolerance. Is every penny precious and you will gamble on keeping your invention secret yourself? Do you want to gamble $1500 + fees on your invention and make a provisional application that starts the clock ticking on 2.5 years to prove your marketing prowess? Or are you a daring inventor who is going to go for the gold and spend $4000 + fees on a utility application for your invention and dive straight into the deep end of the marketing pool, with a year until publication?
Fourth, prestige. Are patents a mark of distinction and accomplishment? Absolutely. Are they impressive enough to spend money on just so you say you have a patent? Depends on how you like to spend your dollars. We prefer to spend our prestige money on Lego® sets, personally. If you want the patent for only prestige, then be ready to spend $4,000 to get the patent drafted (more, if you want a prestigious law firm to do the work - sometimes 4 times more), plus several hundred in fees just to file. Getting the grant can cost a few thousand in office actions and hundreds to thousands more in grant fees.
If you think a patent is for you, then check out our weekly blog posts and head over to our website for more information.
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