by Brian Gates, Design My Idea President at Design My Idea

Inevitably all inventors want to receive a patent on their design and as soon as they do, they believe it will result in instant fortunes. This is a major misconception among inventors, receiving a patent does not equate to a return on investment. Studies have shown that only 3% of all patents issued have resulted in profits for the patent holder. This means that 97% of patent holders have spent $5000+ on patents that have resulted in little or no return investment.

Then why do I need a patent?

Patents help to protect the inventor from companies or individuals from stealing innovation. They also serve to offer licensing companies something tangible for their efforts. A strong patent can provide security, marketability and profits for your product; they just need to be invested in at the right time in development.

When do I get a patent?

We have seen many inventors that have filed for a patent on a design that is severely flawed or not practical. The inventor rushes to the patent attorney office with their idea and demands a patent without investigating their market, design and usability of the device. Before they know it, they have spent a good deal of money on a patent that offers them little protection or value.

As an inventor, it is your responsibility to research and fully define the idea. Patent attorneys are not designers or engineers; they are lawyers who may or may not have any experience in product development. If you approach them with an idea that lacks the research backing, design development or proper engineering, you run the risk of not having a relevant patent.

But I need to protect my idea, don’t I need a patent?

As an inventor you have a variety of tools to help protect your idea and minimize your costs for development. It is always a good idea to have any company or individual sign a non-disclosure agreement (NDA) when presenting your idea. In addition, label all drawings as confidential with a date for further protection.

You also have access to a great tool that will grant you Patent Pending status for as little as $125 known as Provisional Patent Application (PPA). While this isn’t a patent, it provides some of the same protection as a patent that is pending (Patents can take several years to be granted, on average it is two and a half years for a first response). The restrictions on how to prepare a PPA are significantly less than that of a full patent, allowing for the inventor to prepare it themselves. The USPTO will provide you with a reference number upon receipt of your PPA and serves as a notice of intent to file a patent within one year. When a PPA has been filed you are able to label all your materials with Patent Pending and able to seek licensing on the idea.

So what do you recommend I do with my idea?

Here is what we would recommend you do to help minimize your initial investment:

1. Research – Conduct a search for comparable ideas, market size and a patent search whether professionally done or by yourself. It is better to find out now if your idea has already been conceived then later.
2. File for a Provisional Patent Application – Prepare one yourself using this step by step guide provided by Gene Scott of Patent Law & Venture Group
3. Develop the idea – Finalize the design by proving the concept either through your own tests or consulting with a design firm. The more complete your design is, the stronger your patent will be when it comes time to prepare it.
4. Market – Start marketing your idea to see if there is interest. The PPA and NDA will provide protection for your idea while you confirm there is a market.
5. Patent – After you have supporting research, a complete design concept and shown there is market potential, invest in a patent. A utility patent is going to be the most valuable and provide the best protection for your invention.

This development process helps to minimize your initial investment while moving forward.