WHEN SHOULD I GET A PATENT?

When I take calls from Inventors, most of them a really surprised that I am not against having patents. They read articles of caution where I warn people not to rush to patent but having a patent can become a significant asset if it is done well and at the right time.

The core issues I have with the patent process are (1) that inventors get the idea that patenting is the first thing they should do with an idea, and (2) there are many patent attorneys who are very keen to oblige them, even before the project has any value.

You see, there is a sequence to commercialization which does include ownership and protection, but patenting is not the first step. There are several steps before patenting which need to be covered, including market validation, pricing and costing, risk/supplier assessment, and proof of concept.?

Now, some of these steps are difficult if you don’t have a patent in place, but it is going to be a significant advantage if you take other precautions during the early steps. Having everyone you share the idea with sign a non-disclosure agreement – with a non-compete clause and perhaps a waiver of rights – might help you to protect and own the idea before you are able to confirm there is value.

It makes sense to patent the right idea and not necessarily the first idea.

Once you commit to a provisional patent (DIY can be $300 but using a design draughtsman and patent attorney can be up to $5,000) is relatively affordable to protect your next big idea, but once you lodge your provisional patent, a clock is started, giving you 12 months of undisclosed protection and a priority date of that lodgment day.

This is important for a particularly good reason. Most patent attorneys will tell you about the time limit of your provisional patent after you have committed. This essentially requires you to convert that provisional to a full utility patent (and selection of the countries you will be seeking protection in, at the expiry of the provisional patent. This is how patent costs can jump from $2,000 to $60,000 and if your project isn't already earning income at that point, it will be YOU that pays the patent conversion – not the project.

So, when someone next urges you to rush to a patent attorney to secure your idea, remember you can own and protect the idea yourself, up until you have confirmed the value in this opportunity you carry. At that point, you will know the idea you want to create a project from, will be more likely to return you an income greater than your costs.

I have a Mindmap of the IP commercialization process for industrial and commercial projects. It is also relevant for consumer projects.

Would you like a copy?

Just send a response to this with the word “MoneyMap” and I will send you a copy free.