Getting a patent is a serious investment of time and money. Depending on the complexity of your invention, the cost of patenting it can be staggering. A “relatively simple” invention (such as an electric switch, coat hanger, paper clip, diapers, earmuffs, or an ice cube tray) will cost anywhere from $4,000-$6,000 to patent.
If your invention is “relatively complex” (such as a shock-absorbing prosthetic device), expect to shell out anywhere from $12,000-$15,000.
It can also be very time-consuming. As many as 1-5 years can elapse from the day you file a patent application until the day when you actually have full patent rights. And it is not just a matter of filing the application and then passively waiting for the wheels of the US Patent and Trademark Office bureaucracy to turn. In most cases, you will be actively involved in the process, working closely with a patent examiner who is appointed to ask you questions and see to it that everything goes according to planned. Thus, hiring a professional patent agency like Invent Help would be quite beneficial.
So despite what you may have believed or been told, getting a patent is generally not quick or cheap.
Let’s be clear: none of this is to say you shouldn’t get a patent. If you want to sell or license an invention, patent protection is indispensable. Rather, the point of this series is stressing that it is a big decision that should be researched, contemplated, and planned rather than rushed into.
Several important things must be taken into account. They include:
- Whether your idea is worth patenting (is there a market?).
- Whether you have a viable plan and the resources to commercialize the patent.
- How long it will take to execute said plan.
While it is impossible to know all the details in advance, these questions must be considered. Just as you wouldn’t buy a car without knowing the fuel mileage it gets or how quickly it depreciates in value, you should not get a patent without some idea of how and when you will capitalize on it. Always consult with professionals such as InventHelp agency.
Do not dismiss these concerns as “things you’ll figure out later.” Later is often too late, and the worst thing you could do is pay $4,000-$15,000 or more for patent you don’t want to or cannot capitalize on.