Innovation is an important driver of economic growth and development, but many innovations fail to make it to market because their creators do not have the resources or knowledge to protect them. In fact, only about one in every 10 new products ever makes it into the marketplace. Here are some tips for inventors to ensure that their new invention is the one that makes it to market.
Invest In Your Invention
Be willing to invest in your invention. It costs money to protect an idea, so you should be prepared to pay for patent applications and legal fees up front. You may also need to invest in prototypes or test marketing before launching a product line, which can be costly as well.
Get A Patent For Your New Invention
The first step is to protect your idea with a patent. A patent gives you the legal right to exclude others from making, using, or selling your invention for a certain period of time.
To get a patent, you need to conduct a patent search to make sure your idea is original and not already patented. You can do this yourself or hire a patent attorney or agency, such as InventHelp, to help you with the process. Once you determine your idea is patentable, you can file a patent application with the United States Patent and Trademark Office (USPTO).
After your patent is approved, you can decide whether to manufacture and sell your invention yourself, or license it to a company that has the resources to bring it to market. Licensing can be a great option if you don’t have the means to produce and market your invention yourself. In exchange for the license, you will receive royalties on the sales of your invention.
Before you decide to license your invention idea, make sure you do your due diligence on the company you are considering. Look for a company with a track record of successfully bringing similar products to market, and carefully review the terms of the license agreement to make sure it is fair and protects your interests.
In conclusion, coming up with a new invention idea is just the first step. Protecting your idea with a patent and deciding whether to manufacture and sell it yourself or license it to a company requires careful consideration and planning. With the right approach, you can turn your idea into a successful product that benefits you and society as a whole.