Startup and New Business Inventors With Patentable Inventions
Whether you are an independent inventor, a small business owner, or even an entrepreneur, there is no reason why you shouldn’t protect your invention by filing a patent. A patent helps you protect your intellectual property and helps you manufacture and market your new product. Invention City began in a garage in 1986 and since that time, it has been instrumental in helping many startups and new businesses succeed. Today, the company has over 150 patents and its products are sold by some of the world’s most popular brands. Their products have generated over $600,000,000 in retail sales.
Benefits of patents for startups
Many economists argue that patents help startups grow. A study titled “The Bright Side of Patents” examined start-up patent applications from 2001 to 2014. The researchers found that if a company was granted a patent, employment, sales, and further innovation increased. This increased activity translates to higher investment and better financing opportunities for the startup. While patents can be beneficial for startups, they can also be costly, and startups may not be able to secure the required funding.
The government has made patenting more affordable and accessible for startups. The Patents and Trademark Office has been introducing new policies and guidelines to simplify and streamline the patent application process. One such reform is the National Intellectual Property Rights Policy. This policy simplifies patent applications and allows expedited examinations. This has helped spur more activity in the patent ecosystem. Another recent change is the Startups Intellectual Property Protection Scheme. This new law aims to give Indian startups more protection and access to patents.
A patent protects an invention and makes it difficult for competitors to copy it. Since patents are territorial in nature, a startup may have to file for patents in several countries. Fortunately, the US provisional patent application can help defer the costs of patent filing and help startups stay focused on the core technology. Moreover, a patent can be an asset guarantee for startup loans. Its protection and dissemination makes it a valuable asset for a new business, and the advantages of patents cannot be overstated.
However, a patent can also be a barrier against competitors. Patents can be expensive and only have value if they’re filed and successfully defended in court. As a startup, it can be difficult to create value and protect it against competitors. Furthermore, a patent can even help your business advertise its patented products and processes, making it more desirable to consumers. This helps increase your brand value and attract investment.
Whether the startup has an idea or an existing product, patents can help protect its future revenues and create incremental value. While patents may be costly relative to R&D costs, they are a valuable investment for startups. In fact, patents are so valuable that investors are more likely to acquire new ventures that are protected by IP. These businesses are considered more valuable than industry giants. Patents are critical for the growth of startups.
Filing a patent application
There are many factors to consider when filing a patent application for a new or startup business with a patentable invention. A timely filing date is critical. Waiting too long to file a patent application will lose your patent rights, while filing too soon can waste your resources and increase your timeline. Here are some tips to make the process go more smoothly.
A thorough description of the invention should be included in the Specification. This document must be written in precise, clear terms so that a person of ordinary skill can make and use the invention without reference to prior art. The Specification must also meet numerous formal requirements. Failure to comply with any of them may lead to rejection of your patent application. The application process is lengthy, so be sure to allow enough time to prepare and submit the proper documents.
You must identify the inventors of your invention. If you have co-workers or investors in your business, you may want to name them as co-inventors on your patent application. In this case, you will need to get their consent before filing the patent application. This process can be complicated, but it is critical for the success of your business.
After determining the market value of your invention, you can file the patent application. The patent process is lengthy, so it is important to hire a patent attorney to help you navigate the process. The US Patent Office provides a comprehensive guide for filing a patent application. You can pay the fee to file a patent electronically or submit it in non-electronic format.
You must respond to any objections that may be raised by the examiner. The patent examiner will review any existing prior art to make sure your invention is original and not based on any other patent. If you disagree with the examiner’s decision, you may want to consider filing an appeal. Once you receive a rejection, you have 30 days to respond to the rejection. You can request an interview with the examiner if you wish to address any of the issues that are raised by the examiner.
Searching for existing patents
Startup and new business inventors often have difficulty pursuing patents for their ideas. Patent searches can identify similar ideas and help the new business owner determine whether their idea is patentable. However, a patent search does not guarantee that your idea will not be in competition with existing patents. The idea may be unique, but other patents covering the same idea may have already been filed and revoked.
To get relevant results, search for patents related to your idea using technical terms. Use Espacenet, a database provided by the European Patent Office. You can also search the Japan Patent Office’s database. If you find an existing patent, follow the trail and use this information to expand your search. You can also search for related patent applications by country. A quick search using key terms or phrases is likely to yield limited results.
When conducting a patent search, always keep a detailed record of your searches. Be sure to note what search terms were used, what databases were searched, and which parameters were used. This will help you to identify duplicate searches and eliminate unnecessary effort. Additionally, make notes on any patents that raise questions and make you think twice about applying for a patent. As an inventor, it is your duty to be as truthful as possible with the Patent Office.
Before conducting a patent search, you should define the technology you want to patent. Think about the product’s purpose, the process, or its physical composition. Once you’ve figured out what your idea is, you can refine your description and refine your search techniques. You’ll be able to find relevant patents more easily if you have the right description. This process should be completed in two phases, before you disclose your idea to anyone.
Licensing your invention to larger companies
There are several advantages of licensing your invention to a larger company. If you have a new industrial machinery, a license may be the best option. It may not be easy to mass-produce your idea. Moreover, licensing may result in better results than selling the invention to a company. The decision to license or sell your invention may also depend on your personality. Learn more about the pros and cons of licensing your invention.
One advantage of licensing your invention to a larger company is the exposure it will bring. It will also give you experience in business and add tangible value to your idea. This will make it easier to approach companies and executives. Ultimately, licensing can lead to your own business. But before you decide to sell your idea, you need to prepare a compelling pitch. Here are some tips for creating an effective pitch:
You should check out the track record of the manufacturer. Find out whether it has any lawsuits or complaints against it. Also, don’t sign any agreement with a company that requires you to get a patent. This means that they’re not serious about licensing your invention. Instead, try to find a company with a good track record and open innovation policies. This way, you can be sure that you’ll get a good deal for your invention.
Secondly, make sure your invention is unique. A product that is not similar to another one on the market is likely to be rejected by larger companies. The risk of being seen as a copycat is high when licensing a new product to a large company. If your invention is unique and original, you’ll get a higher royalty percentage. A simple example is a mousetrap that sterilizes pet mice, which might yield an 8% royalty for you.
Another benefit of licensing your invention is that it can be much cheaper and easier to get started than selling your product. It also makes it easier for inventors to earn money by spending their time in the lab or office instead of working on the business side of things. However, it is important to consider whether licensing is the right decision for you. The risk of failing to secure funding or losing the license can outweigh the benefits.