Patents, Copyrights, Trademarks, Industrial Designs called IP for short (Intellectual Property)
When IP Is Important and When It Isn't
When licensing, a patent can add to the revenues and royalties. In other cases, a patent on the right product, at the right time, for the right market is a goldmine. Intellectual property should be thought about when you are convinced there is potential for the product and some prototyping has been tested. The reason to wait for the testing of the prototypes is there is often 10-100 changes before production. Therefore, patenting too early could make the patent invalid as on occasion you may not finish with the same product that you started out with.
What You Should Know
Most patents do not make money. In other cases, 50% are abandoned once they are patented.
Here is what Mr. Maulsby, the spokesperson of the United States Patent and Trademark Office, said in an article in Business Week: ¨In truth, odds are stacked astronomically against inventors, and no marketing outfit can change them. There are around 1.5 million patents in effect and in force in this country, and of those, maybe 3,000 are commercially viable," Maulsby says. "It's a very small percentage of patents that actually turn into products that make money for people.”
Use intellectual property such as a patent, trademark or industrial design when you have proved that there will be a potential profit—not before.
How We Can Help
Patents should be used as a strategy to enhance profits or if it will keep a competitor out of the market for a few years. We can help with the evaluation and potential of your idea from a marketing standpoint before you spend too much money. Then we will optimize the design and work with you and an IP professional on a marketing strategy for your patent, trademark, or industrial design. If there is potential, we will help you decide on the right intellectual property from a marketing and monetary point of view for your idea.
Provisional Patent Application $ 975.00 taxes, filing and provisional included. Call for your free application or more information.
Don't let this happen to you
John Rock was originally hired to do R&D and had his first exposure to intellectual-property law in the mid 1990s, when Augustine Medical sued competitors for infringing its patents on Bair Hugger. Augustine had been a firm believer in patents from day one ("If you can't protect it, you shouldn't make it," he says) and John Rock had written most of the company's early claims himself, with help from an outside lawyer. Unfortunately, those first filings were flawed; the company won its case in federal district court but lost on appeal a year later.¨ They lost their patent. One of the most important parts of the patent are the claims. Only trained professionals can protect the claims adequately.
Use only certified patent agents or patent lawyers
Some organisations say they work with agents or lawyers or have pictures of some on their website. They could use these people only to deposit in foreign countries. Otherwise, you could have a patent that is not worth the paper it is written on.
Most patent lawyers and agents are also engineers. After graduating, they are mentored for a few years on how to write a patent correctly before taking the exam to become certified. Imagine, only 15-25% pass the exam with all those qualifications. Why? According to those we spoke with who correct the exams, people fail because they cannot write claims that will stand up in court. If you use a patent writer, the company engineer or software programs you could have expensive wallpaper that won't stand up in court.
Promise & Offers
No hidden costs, taxes included.
Provisional Patent Application