7 Things Innovators Should Know About Patents
1. Timing to file a provisional patent application â—? One common mistake innovators make is filing their provisional patent too early. â—? The patent office will only include parts of your invention that have been mentioned in the application.
2. Patenting does not guarantee money ● There is a misconception between the direct relation between a patent and massive revenue. ● The fact is, irrespective of how exceptional your innovation is, it should precisely impact society as a whole. That too for society’s benefit.
3. Market relevance â—? The higher degree of relevance between your patent and the market, the higher the chances of success. Innovators need to analyze factors that help assure a return on investment for prospective investors. â—? Research on the current industry trends with concepts related to your innovation. Also, study the breadth of your invention and maximum possible applications in the industry.
4. Everything cannot be patented â—? Innovators should ensure that they are aware of whether or not their creation can be accepted as a patent. Anything related to the laws of nature, vague concepts, natural elements, unjustified theories, etc. will not be accepted as a patent. â—? The three core elements for a patent to stand a chance for successful registration is its usefulness, novelty, and nonvagueness.
5. Clearly establish who is an author, contributor, and the core innovator â—? Several innovations are documented and studied in the form of research papers over the world. â—? The author, editor, and publisher must be clearly differentiated from the innovator of the idea.
6. Patenting is a time-consuming and financially heavy process â—? When an innovator submits a patent application, there is ample of information pertaining to the initial, developmental, and final stages of the innovation that needs to be transcribed and provided. â—? This process requires a lot of back and forth.
7. Patenting laws and processes vary from country to country â—? Each country has its own set of rules, requirements, and specifications with respect to patent laws. â—? This means if your innovation aims to tap into global markets, a detailed and thorough pipeline of research must be followed to abide by the patenting guidelines of varied countries..
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