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Financing for a patent

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Financing for a patent

Post  Nikica Precepa on Sat 30 Apr 2011 - 8:54

Hi everyone!
Just joined today, since I needed more information regarding patents...
My question would be - what do you do if You dont have enough assets to pursue a patent realization? Could anybody advise me, any help would be appreciated...

Nikica Precepa

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Join date : 2011-04-30

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Re: Financing for a patent

Post  Mark Reyland on Sat 30 Apr 2011 - 18:33

Hi Nikica,

Welcome to the UIA Inventor Education forum.

To answer your question, there are several ways you can protect your innovation/invention other than a patent. In fact, most professional inventors don’t get patents, have someone else pay for them, or get the bare minimum patent applications.

So what does that really mean? Well it means DON”T run to the patent attorney with every “great” idea you come up with, if you do, you will find yourself with a lot of paper alright, but it won’t be green paper with dead guys on it.

First, use a properly document Inventor Notebook. This notebook, when done correctly will stand up in any court as a way of proving the date you claim to have invented your great idea. Your notebook may have 50 ideas documented in it, and only one worth even thinking about a patent on. You can find out more about how to document an inventor’s Notebook on the UIA Blog

http://inventoropinion.blogspot.com/2011/03/lets-write-book.html

If you must get a patent, it is often best to file for a Provisional Patent Application. (PPA). Think of this as a patent on lay-away. It’s a simplified form of the final patent and you can convert it to a Utility patent within 12 months

Look, let’s be honest here – The reason we recommend things like Inventors Notebooks, and PPAs is that most inventors will never do what it takes to make money off that great idea. The hype will fade over time and the process will get harder, and in the end the large majority of inventors simply give up. If you are going to do that, it’s far better that you did it after a $3.95 notebook, than a ten thousand dollar patent.

Give it a year with a PPA if you like, and if after a year you feel strongly that you know what you are doing and have what it takes to get to the finish line – then file a patent.

Just remember, it’s not just your money you are spending – and whatever is in the patent attorney’s pocket, is not in your pocket any longer.
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Mark Reyland
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