Should you patent an idea you’ve had? Is it worth it? Isn’t it too involved or too difficult to patent an idea?
Most large established businesses have an IP strategy in place to patent and protect their new ideas, innovations and inventions.
But what about the small operators or someone just starting out? A patent application can be quite expensive to some and can dive into their cashflow.
Should they get a patent?
With all the info online about how to get a patent, no one is telling you when you should or when you shouldn’t get one.
Consider these 5 points first to help you decide if your idea should be patented:
1/ Is it patentable?
This is the first thing you may need some advice on. Find out if it’s a patentable idea or not.
2/ Market Response
Will the market be interested in your idea? If so, determine how big that market is. What would demand be like because without demand there won’t be any sales or any return on your investment.
3/ Return on Investment
A lot of time and money goes into patenting an idea. Do some figures and check first to see if it will be worthwhile.
4/ Goals
Will this new patented idea align with the businesses current goals. Will it create a dynamic product offering to the market or offer up some competitive advantage that will make it worthwhile?
5/ Investors
If you’re looking for funding or investors, then patenting your proprietary ideas helps your business appear more valuable than companies competing for investment without any intellectual property.
A solid intellectual property portfolio makes your company much more attractive to potential outside investors.
Should You Patent An Idea or Not?
Usually, patenting your idea is the best option as a patent will help:
- To protect your idea from infringement
- Offer you competitive advantage in the marketplace
- Adds marketing value
- Helps you build a solid intellectual property portfolio
Disclaimer
This information is a general guide to further your knowledge about patenting and does not constitute legal advice.
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