How Can I Get a Patent With No Money?
If you’re wondering how to get a patent with no money, there are a few ways you can protect your idea. Provisional patents can be used for an idea, while full-fledged patents are necessary for protecting the concept of your invention. Provisional patents are great for protecting your concept and can be purchased by licensing or selling your usage rights. It’s important to document your invention and keep detailed records to prove it’s new and not similar to anything that has already been patented.
After you have submitted your application, it is reviewed by a patent examiner at the USPTO. If your application is rejected, the examiner may ask for clarifications or revisions. Afterwards, you will have to decide what to do next. It all depends on your goals. The next step depends on what you want to do with the patent.
Provisional patents are ideal for protecting an invention’s concept
A provisional patent application is ideal for people who want to protect an idea but don’t have the money to file a full patent application. This type of patent is cheaper and easier to file than a full patent. Because you don’t need to have any money to file a provisional patent, you won’t need to worry about meeting the disclosure requirements of non-provisional patent applications. Also, unlike a non-provisional patent application, you won’t have to wait as long as you do to file a full patent application.
Because a provisional patent application costs so little, you can afford to spend the year before the application’s filing date developing and selling your invention. If your idea becomes valuable, you can afford to hire a patent attorney. You can also sell the product to a customer if you can find someone to pay you for it. But, before you try to sell it, don’t sell it without filing a patent!
The USPTO has a long list of fees for filing a full patent application, but a provisional patent application is ideal for protecting an idea’s concept with little or no money. Because it’s so cheap to file a provisional patent, it allows U.S. inventors to obtain parity with foreign inventors. With the GATT Uruguay Round Agreements, the United States Patent and Trademark Office can offer a lower fee for this process.
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Publishing Your Idea
Publishing your idea means that it forms part of prior art and therefore precludes other people from patenting your idea at least until the US one year grace period, to file your patent application after you publish your idea in public, runs out.
Publishing your idea is therefore a cheaper alternative to filing a provisional application for patent protection. This method saves you the cost of filing a provisional application for patent and postpones immediate demands of cost placed on the inventor for filing. However, this will only allow you to protect your idea in the United States and not internationally as the one year grace period is limited to the US only.
Using direct lenders to get a patent
Using direct lenders to get a patent requires lower all-in costs and fees. Using direct lenders will also simplify the lending process and save the sponsor money.
Using direct lenders to get a patent without money sounds like an unorthodox approach, but it is possible. The process involves a series of steps. First, a bank will hire a patent attorney to file a patent application. They will assign the patents in the U.S. Patent and Trademark office. This process takes about four weeks. If your patent application is approved, you will have to pay a fee and wait for the final product.
Many economic institutions are willing to secure their loans against a company’s patents. Fortress Investment Group‘s $50 million long-term loan is a testament to the value of a patent. By securing a loan with a patent, you can ensure that your company will continue to survive even when the economy is undergoing rapid changes.
Alternatively, if you are an inventor with a marketable skill, you can use this to fund your patenting process. You can post your services on online platforms to generate income and expand your patenting budget and get exposure.
Selling your patent or licensing usage rights
If you can’t afford to pay for the cost of getting a patent, you can consider selling or licensing your patent rights. If you’re able to convince someone to licence your invention then you can use the proceeds to pay for the patent. You can sign a contract assigning the rights to a third party. However, this agreement is permanent and you cannot use, manufacture, sell, import, or export the invention once the rights are transferred.
Another option is to sell your patent to a corporation. Selling your patent directly to a corporation will give you the benefit of not having to pay patent fees for the next 20 years. However, it will attract a lower price. Selling your patent directly to a corporation will yield a higher price if your product has a good track record of profits.
You can sell your patent to multiple parties to get more money. You can also license your patent to another company for the right to manufacture, use, and sell your invention. The licensing agreement can be an exclusive or non-exclusive license, depending on the terms of the deal. If you do decide to sell your patent, you need to consider whether or not you’ll get a royalty.