Patent Protection

A patent is a document granting exclusive rights to an inventor. An invention which is legally protected by a patent allows exclusive rights to the inventor to sell, manufacture, and produce the invention. Patents ensure a level of protection for your invention. You are the inventor, so no other person should have the right to profit from your ideas. A patent prevents invention theft because of the stringent patent laws which are in place to protect you. Most manufacturers will not even negotiate with an inventor unless the idea is patented.

A patent helps to ensure that any profit generated by your invention is exclusively yours. If another person profits from your patented idea without your consent, you have the right to pursue legal action against them. Without a patent, your chances of seeing any of that profit are greatly diminished. An invention which is legally protected by a patent can generate revenue for you through licensing. By licensing your invention to a manufacturer, you can receive a percentage of the profit generated, while leaving the expensive dirty work to the manufacturer.

If another person receives profit from your patented invention without your consent, you may get a large settlement through patent litigation. A patent may or may not be enough legal protection for you. In addition to a patent, you may need a trademark.

Patents offer more than just legal protection. A patent offers a degree of legitimacy to what can only be considered an “idea” without a patent. In fact, most reputable manufacturers will not even consider negotiations about an un-patented invention. A patent allows you to legally prevent other people from making, using, or selling your invention without your consent.

By protecting your invention with a proper legal patent, no one can benefit from your idea without your permission.

A patent can be a valuable financial asset to you in several ways. Unlike many assets, a patent’s value can actually increase over time. A patent increases the value of your business, because it is considered a valuable asset by banks and potential purchasers of your business. For you, a patent may be the small push toward a bright and wealthy future. However, it is important to understand that the majority of inventors who patent their inventions do not see profit from their patents. It is absolutely necessary for you to have your invention evaluated by a reputable and well-experienced invention firm before investing your money in a patent.

If you do not wish to be the exclusive producer of your invention, you can sell the patent for financial gain or you can license it to a manufacturer. Although some inventors can experience difficulties when first attempting to license or sell their patent, a few years might just do the trick. Often, innovative thinkers are just a bit ahead of their time. So, if you patent your invention, do not be discouraged if you cannot immediately license it or sell it; you may just need to wait a couple of years.

There are many ways to pay for patent protection. Many inventors who do not initially have the financial resources to fund the invention process seek investors to bear the initial financial responsibilities. Many angel investment groups are constantly seeking promising new inventions and it may be worthwhile for you to investigate a few of these groups before giving up on the invention process. Many inventors also seek the aid of their colleagues, family members, and close friends. It is important to understand, however, that once you begin sharing your invention idea with others, you legally have one year before the invention becomes part of the “public domain”. The only way to keep your invention out of the public domain is to legally protect it with a patent.

It is necessary to legally protect yourself from unscrupulous individuals who look to gain from your hard work. Patents are the only way to ensure complete legal protection. Jerome H. Lemelson, who received over 600 patents, was renown for his unwavering dedication to prosecute patent infringers. Lemelson believed strongly in the patent system, and at a 1975 Senate hearing investigating the innovation crisis, he said “…we don’t recognize that the consequence of the legal destruction of patents is a decline in innovation.” Lemelson had a strong and valid point, and he held true to his beliefs. Lemelson made millions of dollars from legal suits against businesses which infringed on his patents. If a business or individual steals your patented idea and benefits financially from it, you have a right to pursue legal action against them. Through the patent law system, you could stand to earn millions of dollars, the same way that Lemelson did.

To get started on the patent or trademark process, fill out an Online Information Request Form.

Be Creative.
Think of a brilliant new concept that either solves a problem, fulfills a need, or is just plain ol’fun.

Be Thorough.
Think about materials for construction, overall design and durability.

Be Original.
Think about whether you’ve seen a similar product on the market.

Be Business Minded.
Think about PROFIT, PROFIT AND MORE PROFIT! Can your product be manufactured at 25% (or less) of its future retail price.