Costs for your
new invention idea
Costs for patents vary depending on
the field of technology your
design
falls into and the complexity of the
design.
Average costs to file and obtain a
patent start at around $10,000 and
can rise dramatically in some cases.
Advantage of a patent
The advantage of obtaining a
Patent
is the protection it offers. For the
period of the
patent
the patent holder can exclude others
from producing, using, and selling
the
invention
claimed in the patent.
How
long is the term of a patent?
The term of a
patent
is typically 20 years from the date
on which the application is filed.
Although it is no necessarily the
same for every country it is now
provided by international treaty
that the term of a patent has to be
at least 20 years from the filing
date.
Disadvantage of a patents
The obvious disadvantage of
attempting to acquire a
Patent
is the cost. Starting at around
$10,000, you are immediately at a
financial disadvantage before you've
spent any money on
product
development and
marketing.
Secondly, patent applications are
quite often rejected and if not take
a minimum of 2 years to be fully
processed. In the meanwhile your
patent
attorney
will most likely be incurring fees
while your
product
concept sits on the
sideline.
What is a Patentable Invention?
In
general, to be
patentable,
an invention must fulfill three
criteria: novelty, inventive step
(or non-obviousness) and industrial
applicability. This means that the
invention
must be
new
compared to the state of the art on
the filing date of the application,
that it should not be obvious to a
person skilled in the art, in other
words, it must represent a
sufficient advance in relation to
the sate of art, and that it should
be applicable in the context of some
commercial production. The question
whether a particular
invention
is
patentable
or not is a matter of national law.
Patents
may only issue to man-made
inventions.
In most patent systems, the mere
discovery of materials or substances
already existing in nature is not
considered to be an invention. A
plant discovered existing in nature,
for example, would not be regarded
as an invention. Many
patent
systems also require that an
invention
have a technical nature, i.e. that
it relates to the physical world. In
this respect, pure mathematical or
physical formula, or pure software
algorithms would not be regarded as
inventions.
Interest in obtaining licensing
for your Invention?
The purpose of
licensing
is to grant another individual,
company
or corporation the right to use your
intellectual
property for a specific
amount of time and for a specific
purpose. The specifics are outlined
in the terms of the agreement.
A licensor may grant licensing under
"intellectual
property" to do something
(such as copy software or use a
patented invention) without fear of
a claim of
intellectual
property infringement
brought by the
licensor.
A
license
under
intellectual
property usually has
several parts including a term,
territory, renewal, as well as other
limitations deemed vital to the
licensor
and
licensee.
Many licenses are valid for a
particular length of time protecting
the licensor should the value of a
licensing
agreement increase, or market
conditions change.
About: Licensor
A licensor is a term used in
the law to describe a person or
company
who forwards usage rights of their
intellectual property of another
person or company for the purpose of
profit. The owner of the
property,
called the licensor typically allows
the licensee to use their
intellectual
property under the terms
of a
licensing
agreement. The licensor and licensee
typically sign the licensing
agreement with the support of a
professional attorneys who
specialize in licensing agreements.
About: Product
Royalties
Royalties are payments made by one
party (the "licensee")
to another (the "licensor") for
ongoing usage of an asset, usually
an
intellectual
property (IP) right. The
royalty for a given case is
determined by many factors
including:
market
drivers and demand structure,
territorial of rights, exclusivity
of rights, inherent risk, strategic
need, fundability, deal structure,
level of
innovation,
stage of
development,
sustainability of the
product,
and availability of similar
technologies.
Navigating through the royalty terms
is important. You commonly have both
an advance royalty, which is a flat
fee paid upfront, and ongoing
royalties, which are paid as a
percentage of every sale you make.
The advance
royalty
is basically a
guarantee
that the
licensor
will get some money even if your
product does not sell. Then, if and
when your
product
sells,
the licensor will get a percentage
of the
sale
on average, about 5 percent of the
wholesale price of each product
sold.
The licensor usually decides what
the royalties will be, and those
rates are pretty firmly set. So make
sure you understand what they are
and that they are spelled out in
your
licensing
agreement to avoid any surprises
later. In fact, that agreement is
crucial in determining not only what
the licensor receives, but also what
rights you get.
About: New Product Development
In
todays market, new
product
development (NPD) is a term used to describe a
complete process of bringing a
new product or
service to the marketplace. There are two
similar paths involved in any NPD process: one
involves the
idea
generation, product design, and finite
engineering;
the other involves market research and marketing
analysis. Companies usually see new
product
development as
the first and most important stage in generating
and commercializing new products within the
overall strategic process of product life cycle
management which is used to maintain or grow
their market share.
About: Selling your idea
A sale
is the activity involved in
selling
products or services in return for
money or other compensation. It is
an act of completion of a commercial
activity.
A
sale is completed by the seller, the
owner of the goods. It starts with
consent (or agreement) to an
acquisition or appropriation or
request followed by the passing of
intellectual
property or ownership in
the item and the application and due
settlement of a fixed price, the
obligation for which arises due to
the seller required to pass
ownership, being a price the seller
is happy to part with ownership of
or any claim to the item. The
purchaser, though a party to the
sale, does not execute the sale,
only the seller does that. The sale
completes prior to the payment and
gives rise to the obligation of
payment. If the seller completes the
first two above stages (selling
ownership) of the sale prior to
settlement of the price the sale is
still valid and gives rise to an
obligation to pay.
Should
you do your own invention promoting?
Many people ask
themselves should I market or promote my invention
myself or hire someone to do it for us? Either way,
whomever promotes your design concept should
understand the following: It is crucial to your
product
presentation that you provide a quality Marketing
Invention Analysis of your
design concept for
maximum impact. Knowledge about your
market demographic,
market trends and other information can greatly
increase the value of your
presentation
enabling you to maximize you potential for sales or
licensing your product idea promoting.
Simply follow the step by step
marketing guide to
create your Marketing Invention
Analysis directly
from your dashboard. You will create a simple
concise set of marketing details to show others that
your design is exciting and has market potential.
Lastly, if you have problems simply contact your
project manager who
can answer any questions you may have.
About: Advertising Your Invention
Advertising is a type of communication that
commonly attempts to persuade potential customers to
purchase more of a particular brands
product
or service. Many advertisements are
designed to
generate increased consumption of those products and
services by creating and reinforcing of brand image
and brand loyalty. Advertising sometimes has a
persuasive message combined with factual
information. Major mediums used to deliver these
messages include television, radio, cinema,
magazines, newspapers, video games, the Internet and
billboards. Advertising is often placed by
advertising agencies on behalf of a
companies or other
organizations.
Advertising is seen on the seats of shopping carts,
on the walls of an airport walkway, on the sides of
buses, in telephone messages and in-store public
address systems. Advertising is often placed where
audiences can easily and frequently access visual,
audio and printed information. Some organizations
spend large sums of money on advertising that sells
what is not, strictly speaking, a
product or service
include political parties, interest groups,
religious organizations, and military recruiters.
Non-profit organizations are not typical advertising
clients, and may rely on free modes of persuasion,
such as public service announcements.
So what should your very first action be:
●
Getting a
patent, perhaps?
●
Going on a
fact-finding mission to manufacturers in China?
●
Calling QVC?
While all these steps may be appropriate down the line,
it's critically important that you first take action by
shifting your thought
process. I know what
you're thinking. Thinking doesn't seem very actionable,
does it? Maybe not, but over the years, countless
inventors make
devastating mistakes based on false beliefs and
inaccurate assumptions.
For this reason debunking some common myths associated
with inventing is important. Myths and misperceptions
can be debilitating to your progress and costly to your
pocket book. Although it may not seem very "actionable,"
it's vital to begin the
inventing process with
a realistic understanding of some of the basics for
bringing an
idea to
market.
The following are among
the most common myths:
Myth #1: The first thing
an
inventor should
do is get a
patent.
Truth:
It's understandable why this is such a commonly held
belief. The topic of getting a patent is so pervasive
among the inventing literature, conferences, websites
and tv commercials, it's no wonder that many people feel
they can't move forward without getting a patent first.
Many
inventors spend 80
-100% of their initial effort and money on obtaining a
patent because that is the myth that's been sold and
supported by those who stand to profit from it.
Certainly a patent can be a valuable tool later in the
process, but you should first determine the viability of
your
invention as a business
before moving forward. Remember that filing a patent has
little impact on a successful
product launch & cost
$10,000 or more-so unless getting a
patent for its own sake
is your end goal, it doesn't usually make good business
sense to apply for a
patent first thing off
the bat. Most importantly- if you file a patent first,
then encounter overwhelming obstacles later on, you may
have invested in a
patent for nothing.
Myth #2: If I tell people my
idea, they'll steal it.
Truth:
The theft of a new invention idea is actually very
rare. A lot of sweat equity goes into
developing an invention
and this is a big barrier to most potential "thieves."
That doesn't mean ideas are never stolen. Keep in mind,
copying and competition are facts in any business.
However, once you have an understanding of how much work
goes into taking an idea to
market, you'll
understand why most ideas are stolen only after a
product's proven
successful. It's like
betting on a horse. You're more likely to win by betting
on a horse with a winning record than you are by backing
an unproven long shot. That being said, don't be
careless.
Myth #3: My idea is worth a
million dollars!
Truth:
Earning a million dollars with an
invention is less
likely than making slightly lesser amount depending on
the depth of your invention. Study the process, set
realistic expectations, take action, work hard and you
can find success, especially if you have more than one
marketable idea.
Why
use the
Protomine Process?
The Protomine process was
created to offer an alternative to expensive
invention submission
companies that offer so much and produce so little. Do
the research and we know you'll see the difference.
What does it
cost to develop a product?
Manufacturers
follow a complicated and costly product development
process called
product lifecycle
management (plm). This approach encompasses
the complete lifecycle from
concept design
through
manufacturing
and disposal
of a product. The typical cost for product
development starts at around $100,000 for simple
concepts and rises dramatically for more complicated
concepts.
What are they promising
you?
Organizations such as
invention submission
companies offer costly services promising to develop
your concept for $5-$20,000 (a fraction of what it
really costs) while delivering very little in return and
producing very
poor success rates.
The Reality
Paying high prices to
outside companies to "develop"
or "patent"
your product is often unnecessary if you just want to
license
your concept. Ultimately the
distributor incurs the real costs of development and in
return offers a
licensing
contract. Your job is to present an appealing product
presentation and deliver it to the right people!
The Solution - The
Protomine Process!
In a nutshell, the Protomine
process
was created to help
you create a presentation which
represents
and
markets
your design efficiently and
effectively. Our
proprietary
process contains a complete checklist
of items companies want in order to make informed
decisions on whether or not to carry your product
design. So forget about expensive
invention submission
companies and everyone else trying to take
your money and do-it-yourself.
Interest in obtaining licensing for your Invention?
The
purpose of
licensing is to grant
another individual,
company or corporation
the right to use your
intellectual property
for a specific amount of time and for a specific
purpose. The specifics are outlined in the terms of the
agreement.
A licensor may grant licensing under "intellectual
property" to do something (such as copy
software or use a patented invention) without fear of a
claim of
intellectual property
infringement brought by the
licensor.
A
license under
intellectual property
usually has several parts including a term, territory,
renewal, as well as other limitations deemed vital to
the
licensor and
licensee.
Many licenses are valid for a particular length of time
protecting the licensor should the value of a
licensing agreement
increase, or market conditions change.
Get your Invention idea to work - it's so easy
 Anyone Can Do It!
Have any Questions ?
Can't find the answers ?
Don't worry about it . . .
Call us for help at
877- 897- 8804 |
