A patent is simply a government-granted right to an inventor to stop others from using and developing the idea or product without the inventor’s permission, say the experts at Idea Design Studio. A patent is given for a specified period and makes the invention the property of the inventor who created it. Like all other forms of ownership, patents can be purchased, sold, and licensed.
It’s essential to note that patents do not ensure success, but nearly every successful invention is patented. There are several indications that the time is appropriate to patent your idea.
- The Development Is Mostly Finished
Idea Design Studio says that before applying for a patent, critically evaluate your idea, product, target market, and competition. Developing a basic prototype can help improve the product’s functionality and ensure the design, construction, and materials are close to being concluded before filing the patent application. It can be challenging to change materials or mechanics once the patent is filed.
- The Market Is Ripe
Once your idea is well developed, plan the target market — demographics, the size of the market, and geographical areas. While getting the views of friends and family is a precious early step in market research, it’s also important to ask a third party or even invest in a market-feasibility study, which may cost a few hundred dollars but can analyze costs, production, and profitability. Understanding the costs is an essential part of market research, because if the product will cost more than the market is willing to pay, the invention may need to be re-evaluated, reminds Idea Design Studio.
- The Idea Is Sole
Along with the product improvement and market analysis, it’s a good idea to do a preceding patent search to identify any similar products in the market and to make sure your idea doesn’t violate on someone else’s.
- The Idea Requires to Go Public
While you don’t want to hurry into patenting, you also don’t want to wait too long. Make sure your idea is set before going public — whether by selling, displaying it, or distributing details about it. U.S. patent law says once the plan is publicly disclosed, a one-year timeframe begins.
If you recognize these signs in your ideation process, it’s time to think about filing a patent. Many experts suggest that inventors don’t undertake the process alone. Instead, inventors should write a draft of the patent application and then ask a professional to review it and help with the filing process says Idea Design Studio.
Have any inquiries about patenting your idea? Call us any time on the Idea Design Studio inventor’s hotline at 888.864.1760 or email us firstname.lastname@example.org.