One of the most important steps in the entrepreneurial process is finding and tapping new invention ideas. You may have an amazing idea for an entirely new invention you believe many people would be eager to purchase. However, without a clear plan to transform your invention ideas into commercially viable products, you won’t make any money from them. So, outlined below a step by step guide to help make your innovative idea into a lucrative enterprise. Hopefully you’ll find this information helpful.
It’s no secret that many entrepreneurs start their new ventures with lofty ideas. This often results in overly ambitious plans that, if not carefully planned, can derail or destroy their business dreams before they ever get off the ground. Thus, it’s essential to do some planning well in advance of actually launching the new invention. Planning can involve everything from determining how to initially market your product, to devising ways to protect your invention from competitors, to ensuring that potential customers will be aware of your new product.
A good place to start the research for your invention ideas is with what’s considered to be the “fathers” of technology. The original developers of technologies are unlikely to be looking to sell their ideas to the general public. As a result, if you can gain access to an early prototype, or even an operational product, you’ll be much more likely to receive funding for your new venture. In fact, it’s possible that the original inventor might provide funding themselves!
Once you have determined that your new invention ideas are worthy of a patent, you should study the USPTO’s guide for selecting patentable inventions. The Guide lists several different classifications for appliances, machine, food processing, and so on. You should determine which of these categories would apply to your invention. Also, one very important point to remember: even if your invention isn’t eligible for a patent right away, it doesn’t mean that it can’t be patented later. Just because it hasn’t been patented, doesn’t mean that it can’t be later.
Once you’ve determined which of the invention ideas are eligible for patents, it’s time to start doing some “due diligence”. This refers to doing some research about the patent application process. As the patent application states, it “assumes that the invention is eligible for a patent.” What this means is that the patent examiner must determine that there is likelihood that the claimed invention will meet the requirements for patentability. This is typically a complex, lengthy process that involves examining the USPTO’s classification system, examining the claims in the underlying patent applications, analyzing relevant prior art, and evaluating the invention to ensure that it is not patentable.
While it can be time consuming, due diligence is essential to protecting your invention ideas from being stolen. If an unauthorized party gets hold of your great idea and uses it illegally, they may infringe on your patent. Or worse, they may make an offer that is too good to be true, or even worse-a patent that may turn out to be invalid. Due diligence helps you avoid these problems by giving you time to think about your idea before turning it over to the patent office.