5 Steps for Turning Your Invention Ideas Into a Product

    April 3, 2017

    You might be tempted to share your invention ideas with others to see if they think it is great. You might also run to the first company that makes an offer to buy it. It is important that you protect your idea before you do any of that.

    You guarantee that your invention is not stolen as you make money out of it. File a patent with the U.S.

    Patent and Trademark office. You can do this in five easy steps.

    1.    Document It

    Yu need to note down all that relates to your invention. Note down what the invention is, how it works, how you will construct it and how you will market it. You can do this in an inventor’s journal. You also require a witness to sign it. This is how to start an invention.

    2.    Research It

    It is vital that you research your idea from a business and legal standpoint. Before filing a patent, you should:

    -    Finish an initial patent search. You require searching for free at http://www.uspto.gov to ensure that there is no one who has patented your idea. You also need to carry out a non-patent prior art search. Ensure that there is no design or artwork that relates to your idea.

    -    Research your Market. More than 95% of patents never turn into a profitable venture for the inventor. That is why you should do a research of the market you target. Determine if it is a product people will buy. Then ensure that your product can be produced and distributed at a low cost. Determine these costs and the price by comparing with similar products in the market.

    3.    Make a prototype

    This is a model of your invention. It represents everything you have written in your inventor’s journal. You can present this model to potential licensees and lenders. Always file a patent after making a prototype. Do not patent an invention before you work out the features and flaws of your design. This will ensure that you avoid losing patent rights of the new design to another entity.

    4.    File a Patent

    You can choose between a design patent and a utility patent. A design patent is for producing new, nonobvious, ornamental designs. A utility patent is for filing new machines or processes. You can write the patent yourself and fill out the application. Flowever, you should hire a patent agent or attorney to file it. The attorney will ensure that your patent lacks a loophole that can be used by a competitor.

    5.    Market Your Invention

    Create a business plan. Detail the source of funds, production, and distribution of the product. You can decide to license the product for sale through an existing company. Or you can manufacture and sell the product yourself. Licensing will only earn you 2-5 percent in royalty fees. Investors who think that they deserve more always shy away from licensing. Licensing might make you more money in the long run. This is because you do not have to worry about finances that are required to run a business.

    These five steps will secure a patent for your invention. This process is easy but lengthy. Many inventions take years to patent but patience is the key. Be patient and your hard work will pay off.

    Read Jessica's other blog entries >

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