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Step 1: The Ins and Outs of Patents
This chapter will help you evaluate whether or not you have a patentable and marketable idea. It will also explain what steps you need to take to protect your intellectual property with the U.S. Patent and Trademark Office (PTO). (If you already received a patent via the patent office, then you've completed the first step of many on your way to success. In that case, continue on to the next chapter, Step 2: and the rest of the book.)
There is a “pseudo” patent application that can be optionally filed called a provisional patent application (PPA). This “mini,” temporary patent application, is only useful if you file a regular patent application within a year from your provisional patent filing date.
Evaluating Your Idea: Marketability vs. Patentability
Having a patentable idea doesn't necessarily mean you have a marketable idea. Some ideas are novel and interesting, yet it may not be worth going through the patent procedure if there is no market or there exists significant barriers to entry into the market for the invention. Before spending the time and money to get a patent which may never earn patent royalties, you will want to do market research for your invention. For instance, some important questions that can be asked to verify new product invention marketability are:
- Does my product get the job done quickly?
- Does my product fulfill an unsatisfied need?
- Can my product be manufactured at a reasonable cost?
- Does it follow a current trend?
- Does my invention stand out over competitive products?
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