The first steps of making money involve understanding intellectual property, the differences in what can be patented and the types of patents, and searching to make sure your idea is, indeed, original. After that is accomplished, the search for knowledge turns to that involve with understanding the patent process. The team at Idea Design Studio presents these helpful hints.
- Should I spend money on a patent? Consider if anyone would buy your product, if it can be made at the right price, and how big the potential market is. If you’re not going to make money on the idea, it may not be worth spending money on the patent, reminds Idea Design Studio.
- Applying for a patent – Patent applications, like all legal documents can be confusing. The better written the application, the better the chances. This is essentially a contract for your work, where every portion has impact. Specificity is key, and the experts at Idea Design Studio are ready to help you with this process.
- Proving you were first – The first to file rule (which basically grants a patent to the first inventor who files an application) does not negate the need to prove you were first. You can always contest someone’s rights to a patent if you were indeed the first and you can prove they stole it.
In all aspects of your invention, keeping detailed records of the entire process will be what saves you in any debate. Cold, hard facts are what will prove your case, not registered letters, not character witnesses, but facts written down. Logbooks and journals are recommended as a solid note-keeping tool by the team at Idea Design Studio. Learn how they can help you throughout this process in this three-part series on turning your idea into money.