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Take a moment to read the following tips
to help you through the
process of inventing, patenting, licensing or selling your
invention.
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Although the patent examiner will perform an
extensive patent search when you file your
patent with the USPTO, I would suggest
performing a patent search to see if a
patent has already issued that would effect
the patentability of your invention. There
are three websites were you can perform a free
patent search
www.uspto.gov ,
www.FreePatentsOnline and
www.patents.com.
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Take your time and be as thorough as possible when designing your
invention or someone else will. Hopefully you are one of the 3% that
is successful. You obtain a patent, get your product to market and
your product is a success. This doesn't guarantee that someone else
won't come along and design a better way of accomplishing what you
did and acquire a patent that performs the same function.
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Document each step in the development of your invention, have it
witnessed and or notarized. Most banks have a notary. I would also
recommend adding to your documentation any trademark names that you
would like to associate with your invention. You can search the
availability of trademark names at
www.uspto.gov.
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Build and test a prototype. This will help
you to perfect your design and it will also
be a good indicator of whether or not you
should continue to pursue your invention.
Depending on the invention you can often
build the prototype yourself or with the
help of friends. If necessary their are
companies that can build a prototype for
you. Look in the yellow pages and on the
Internet for a prototype company in your
area. It is not absolutely necessary, but
you may end up with a better prototype if
you are able to sit down with the prototype
company to explain you invention and explain
to them what you would like to achieve.
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Locate a patent attorney that is willing to
take the time to explain the entire process
and answer all of your questions. The majority
of patent attorneys will give you a
free consultation. Ask him or her what the
difference is between a utility patent, design patent, provisional patent
and non-provisional patent. Ask which is most applicable to
your invention and situation. Also ask your
patent attorney to explain what you should
know about foreign patents. The average utility patent
currently costs $10,000.00. You must accept some of the
responsibility to insure that the quality of
your patent application is the best that it can be. No one knows
your invention, its advantages and uses better than you. Generally
speaking your patent is only as good as the information that you
communicate to your patent attorney.
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Consider licensing or selling your invention to a company that can incorporate it into an
existing product line. It's difficult if not impossible to market a
single SKU product, especially one that is unproven, even if you,
your friends and the people that you have shown it to think it is
the greatest thing since sliced bread. It's more difficult today
than in the past for a new vendor (you) to do business with major retailers.
Major retailers do not want to go through the
work involved in setting up a new vendor in their system, especially
for a single SKU product company, both of which do not have a
proven track record. You can research potential companies to license
your invention/patent by visiting retail stores and performing
research on the Internet. Royalty agreements typical range from 3 to
5%, but can go as high as 8 to10% or higher if they really like
your invention. The royalty agreement percentage is typically based on the
wholesale price, which is the price that the retailer pays the
manufacturer for the
product.
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It's very likely that your patent will initially be rejected
due to some form of prior art. In
addition to responding to the examiners arguments, it can be helpful
to write an additional claim or claims. It
can increase
your chance of securing more claims and your patent.
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If you feel you have the background and
experience to form a company or partnership
and then pursue acquiring the funds to manufacture and
market your invention, you will need to
perform extensive research regarding your
invention and the market that it addresses.
You will also need to write a comprehensive
Business Plan, Power Point Presentation and
be prepared to pitch your offer to potential
investors. Below are some website links to
assist inventors and to help bring inventors
and investors together.
Disclaimer: This information is not meant to
replace that of an attorney. Always speak to an attorney before
making a decision.
Invention Convection - Gateway to the World of Inventing
Invention
Digest - The Magazine of Idea People
Inventor Spot
- Interesting Inventions, Innovations and Ideas for the Inventor in
All of Us
United Inventors
Association - Your Most Reliable Source of
Information
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