What to Do Before Filing A Patent?

An idea is an opportunity. However, someone can deprive you of this opportunity if your idea is not protected. We all know that a patent provides the required protection. However, it is important to have answers to some questions. Is the idea worthy? Is the idea new and unique enough to protect? Is it the right time to cash in on this opportunity? 

A patent is a valuable tool in your arsenal that protects your idea. However, it is not guaranteed that a patent will unlock success for you. You need to invest a boatload of dollars in protecting your patent. Can the product make to the market? If it can’t then investing in a patent cannot be a smart business move. It is a well-known fact that only 3% of the patented products succeed in the market. Remaining 97% don’t even make to the market. 

It does not mean that you should not file a patent for your idea, invention, method or product. However, it should not be the first step. The first step should be the evaluation of the idea or product. You need to know if your idea is viable or not. Understand your product. Understand the market you are targeting. Understand the competition. 

A comprehensive market research is required to evaluate the viability of the idea. This will also help in investing the right amount of money, time and other resources while filing a patent application. Patent insurance coverage is another cost you have to cover. 

Here is what you should consider before applying for a patent: 

Patent Research 

It is important to make sure that the product is not already patented. It is always better to count professionals for patent research. You can do this on your own also. You do not want to waste your time and money in patent litigation. Therefore, patent research is must. 

Prototype 

First of all, test functionality of the product before you invest in a patent. This can be done by developing a basic prototype. 

Market Research 

What is the size of the market? Is your product commercially viable to perform in that market? 


Total Cost of Manufacturing     

You should know how much your customers are willing to pay. Determine the total manufacturing cost. 

After you have evaluated and filed the patent, it is the time to protect your patent from infringement. Apart from having a proactive strategy, you should have patent insurance coverage. 

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