Most inventors who have patented their inventions hope to recover money after selling their invention on the market. In fact, it rarely works. A very high percentage of patents never refund application fees. Simply put: you never generate income, let alone the cost of getting a patent.
One of the biggest complaints we hear from inventors is that their patents are basically worthless. These inventors are frustrated and emptied. I’m not in the game because they spent so much time and money on one invention, an invention that will never generate income. They will not try to bring another better idea to the market because they have wasted their resources.
Here are two main reasons why this happens and what you should do to avoid getting involved in a worthless patent.
The invention isn’t marketable
In other words, the invention is not really necessary. You may have a dream and you are very motivated, but you must do your homework first. Because most inventors are very excited and afraid that their unproven idea will be stolen, they speed up the process and make a big mistake. They don’t answer the question: “Can this invention be commercialized?” It is not for the lawyer or patent attorney to determine the market value of the invention.
In our experience, most inventors know the statistics. They understand that the odds are against them, but they do. They think their invention is an exception, not a rule. You have to have confidence to put a product on the market. Most importantly, you must continue your education and education is not something most inventors think they need. (What do you think you need? Expensive prototypes and expensive patents. At some point you may need these things, but it’s a matter of time. And just before testing, market time is never come.)
You have probably created your invention in a vacuum. Yes, you have solved the problem you personally have, but will others buy it? Other people than your friends and family? Otherwise, the invention will be rejected if you try to license it. If you try different funding methods, no one will order. The article is there.
You don’t have manufacturing know-how
In this case, the invention was developed and patented without taking production into account. If the product cannot be produced at the right price, it will be dead on arrival, but this is also very common.
In general, this means that the invention has been reconsidered. Many patents don’t even think about production. It is possible that there are currently no production machines or that the tools required are excessively expensive. For these reasons, no other company wants to accept the product because it is too risky. If you try to become a self-employed person, you will find that the cost of producing the necessary equipment far exceeds your budget. Determining the production capacity of an invention is also not a patent attorney or attorney.
It shouldn’t be that way. Patenting an invention does not make you an inventor. Solve problems, design solutions, use your creativity to make the world a better place. It makes you an inventor. Patent inventions that cannot be sold and cannot be produced will enrich the United States Patent and Trademark Office
What should You Do
Therefore, before submitting intellectual property, make sure of the following.
A Google image search. With Google, you can find many ideas in minutes. For an invention to succeed in the market, it must be clearly different from similar products.
An investigation into known art. Is your invention really new? To find out, find out how to search for patents similar to your invention on the IPO Pakistan website or on Google’s patents. It is imperative that you know the patents granted similar to your invention and you will find many. With this knowledge, you can find your difference and determine the probability of obtaining a patent that is really valuable.
Determine the approximate production costs. If you are planning and filing a patent for an invention that is too expensive to be consumed by consumers, this is a big problem. Therefore, knowing how much it will cost to implement the invention can be extremely helpful.
First, identify similar products on the market. Why are they selling? This is your rank. Contact the contract manufacturers for a quote and make sure that you have signed a work contract first. Don’t overlook YouTube as an educational resource. You can also learn how to do it there. You can even visit a facility in person.
Knowing how your product is made and that it can be retailed at an acceptable price is of great value. It is therefore necessary to include it in the patent application. This gives you the option of negotiating a license agreement or raising money from investors. It is the first step to becoming rich.