To Patent or Not to Patent...What is the Answer?
"Let's evaluate exactly what a patent can do--and can't do--for you as an aspiring entrepreneur...
Before you decide to move forward with a patent, it's critical to first evaluate your idea as a viable business opportunity. This means understanding your product, your target market and your competition as best you can...based on solid market research and attention to product development...Thoroughly consider the following factors:
Patent research...
Prototype. You should develop a basic prototype to determine your product's functionality...
Market research...
Cost to manufacture...
Benefits of patent protection:
If you're planning to manufacture and sell your product yourself...a patent can help you better justify your investment in design, production and marketing...If you're planning to license your product to another company, a patent can be a valuable asset during negotiations...In fact, many companies you might want to sell your invention to are only willing to consider licensing patented or patent-pending inventions.)
Drawbacks of patent protection:
There are no 'patent police'...If someone infringes on your patent, you'll need to spend even more time and money on legal fees to rectify the situation. In addition, patent claims are very specific--meaning it's typically not very difficult to legally design a similar product...
Next Steps
So you've evaluated your business opportunity, you've weighed the costs vs. benefits of securing a patent, and you've decided to go for it. What now?..."
Read more in this article from entrepreneur.com.
