When it comes to patent laws, there is no dearth of written material providing an insight into patent laws and its Dos and Don’ts. More often than not, people make a hasty decision when it comes to getting a patent. However, instead of making a decision at the spur of the moment, one should rather think well and find out whether a patent is really required. Besides this, you also need to ponder over whether getting a patent will be worth your time, cost and effort. Most of the times, investors think that patent is an ultimate prize and a big necessity as the product they have come up with might get stolen by others. Consequently they start using postmarked letters, record every phone call, hire attorneys to draft disclosure agreements and find it hard not to think about whether it is really worth it. In short, people tend to act paranoid.
Instead of going through such a mind boggling experience, one should think well and find out whether patent is required or not. Mentioned below are some of the important points that you should consider before getting a patent.
1. Is your Invention Worth Getting a Patent?
Get a patent if you have something like a revolutionary drug or a major technology to offer. Something like a new widget that has limited niche potential market does not really need a patent. It is always best to take out some time and consult a good patent lawyer who specializes in intellectual property. He can guide you right on whether you need a patent. If you are really willing to get a patent then it would be better to first invest in a proper patent search.
2. Can you Put in the Time and Money Required?
It should be borne in that patents are expensive and can take years to get. In case, you go through a rough patch, you will have to shell out more money and time. Ask yourself whether you are really prepared to handle all this. You should also prepare yourself for a long waiting period as sometimes it takes around two to three years to get a patent.
3. Before it is Patented, Do you Plan to Make the Invention Public?
This is one of the most important things to consider. In case you make your invention publicly unavailable until you get the patent, you might give other companies to come up with great ideas and challenge you.
4. Would the Potential Benefits Justify the Cost?
More often than not, it is observed that a majority of inventors believe that their idea is great and hence it needs a patent. However, what they ignore is the fact that whether their idea has the potential to sell enough. Would there really be a potential market for their ideas? Do you really think that your invention will get stolen and that having a patent will increase its market value? And most importantly, will your product would be relevant by the time you actually get a patent for it? Is the patent really going to have a real value as a saleable or licensable asset?
5. Are you Really Willing to and Have Resources to Defend it?
Think well before you make a leap. Getting a patent requires enough input of resources and also a willingness to defend it. Are you really willing to all this? If your invention is worth millions and you really have enough money, then you can consider getting a patent. Otherwise it is only going to be a tiresome and expensive hassle for you. One should always make a decision in favor of the business by being rational