Have you been sitting on the patent sidelines? Then it's time to get in the game! Here's everything you need to know about patents to get started turning your million dollar idea into a million dollars:
The Three Types of Patents
- Utility: Applies to new and original inventions related to a process, machine, article of manufacture, or compositions of matters, like genetic material.
- Design: Applies to a new, original, and ornamental design for an article of manufacture.
- Plant: Any distinct and new variety of plant.
What is a patent?
Key elements of a patentable idea:
Not everything can be patented, and of those items that can, they must show useful, nonobvious and novel features distinguishing them from things that have gone before. Do your homework, then consult with an attorney.
What does it cost?
A patent written and filed exclusively by an attorney can cost you anywhere from $10,000 to $40,000. With a little effort, you can save yourself money, sometimes a lot of it, by doing some of the legwork yourself.
How can you save money?
Consult with an attorney and ask her how you can work with them to save money. One way is to draft your own patent.
When do you need an attorney, and when can you get by without one?
You always need to consult with an attorney. The easiest and most cost-effective way to file a patent is with a Provisional Patent Application or PPA. This allows you to claim patent-pending status for up to one year while you test the waters to see if your idea has got legs.
What is a patent really worth?
In the real world, a patent isn’t worth anything if you don’t have the money necessary to protect it in court through litigation. My philosophy is to take your product to market patent-pending as hard and fast as possible, so you can generate the revenues necessary to defend the patent.
What does patent-pending mean?
This is a means of notifying the public that you have applied for a patent on the item you are selling, thus giving any competitors fair warning that you are entitled to compensation as well as damages if they should reproduce a product similar to yours and your patent is granted.
How long does it take to get a patent?
This depends a lot on the complexity of the invention. It can take months to draft a Nonprovisional Patent Application, and then it goes to the United States Patent and Trademark Office where it is assigned an examining attorney. Depending on that particular attorney’s caseload, it could take months more for him to examine it and comment, which usually means your attorney has to respond again. Once this process is complete, the application has to be submitted for public comment and dispute, which takes a year at best. Better file a PPA right away.
An excerpt from MOMMY MILLIONAIRE
Read more in the newly updated Platinum Version MOMMY MILLIONAIRE Available for immediate download by eBook or PDF. Filled with all kinds of bonus materials including document templates, updated tips and the real skinny on what went down since I wrote this book.
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