You have a great idea for a product and have gone so far as to build a prototype. You may not be sure the path to take for your new invention, but before you decide, the first thing you need to do is file for a patent. The following are three reasons that this is important.
Protecting your invention
You may not think that anyone is going to steal your product, especially if you have put a lot of work into it. You may think your invention is complex and not easy to replicate. Besides, if someone were to copy it, you can sue. But until you begin to experience success, you will not understand how many companies are going to attempt to copy your product. Even large companies can reverse engineer complex products. They are likely to produce a product similar to yours, but with enough minor changes that it will confuse the issue of ownership, especially without a patent. Patent infringement is easier to defend against once your invention has been clearly documented. A patent will give an attorney a stronger case.
Raising capital for your business
If you want to start your own business and market your invention, like most businesses, you will need startup money. Most people do not have sufficient cash to start a business, but with a good invention, it is possible to raise all the cash you need. You will, however, need to have a patent. You may have a good working prototype, but investors will want to know that your product is protected from copycats. With a working prototype and a patent or patent pending, you will have a much better chance of selling your product idea to investors and raising the startup capital you need.
Selling your invention
If you decide you don't want to go into business, but would rather sell your invention to a large company, you need a patent. Corporations understand what patents are, so when they like your product and are interested in buying it, they will also understand exactly what they are buying. Specifically, they are buying your patent. Otherwise, you are just confusing potential buyers. If you give them a sales pitch and they like the product, they will not buy your idea, but they will buy a patent.
Your first step in getting a patent is to call a patent attorney. The entire process of getting a patent can be difficult and confusing, but an attorney can make the process go smoother. At the same time, this attorney can assist you in registering your trademark. Often a new invention becomes synonymous with a business's trademark, so you want to protect it as well. Visit a site like CHABOTLAW.COM for more information.
