If you have launched a new product and invention, it is important to protect yourself from a legal standpoint to ensure that the design, look and feel of the product is not copied or profited elsewhere. Whilst there are many ways to protect your innovation, a patent is a legal document which highlights the specifications of your product and provides protection that will hold up in court should you come across any copycats.
A patent goes through a process where it is submitted, pending and then approved. According to the United States Patent and Trademark Office (USPTO), over 346,152 patent applications were filed in 2023, highlighting that it is a key part of building a new product or invention. Here is a guide on how to protect your new product with a patent.
What Exactly Is A Patent?
A patent is a legal document granted by the USPTO that gives an inventor the exclusive right to make, use, and sell an invention for a certain period. In the U.S., patents typically last for 20 years from the filing date.
There are three main types of patents: utility patents (for new and useful inventions), design patents (for new, original, and ornamental designs), and plant patents (for new plant varieties).
Patents can be used for any industry or sector, from AI, health, blockchain, chemistry, engineering, food and any other industry you can think of. See a list of sectors here.
Why Do Patents Matter?
Securing a patent is essential for several reasons:
- Exclusivity: It prevents others from making, using, or selling your invention without permission.
- Competitive Edge: Patents can deter competitors and can be a significant business asset.
- Return on Investment: Patents can be licensed or sold, providing a potential revenue stream.
- Increased Valuation: They can enhance the value of your business, attracting investors and buyers.
How Do I Prepare for the Patent Process?
Before applying for a patent, it’s essential to ensure your invention is patentable. An invention must be new, non-obvious, and useful to qualify for a patent. Conduct a thorough patent search to ensure that your invention hasn’t already been patented.
The USPTO database is a good starting point, but consider hiring a patent attorney or a professional search firm for a more comprehensive search.
How Does The Patent Application Process Work?
- Drafting a Patent Application: This includes several parts: a detailed description of the invention, claims that define the scope of protection, drawings (if necessary), and an abstract. A well-drafted application is crucial, as it determines the breadth of your patent rights.
- Filing the Application: You can file a provisional or non-provisional patent application. A provisional application allows you to secure a filing date with less formal documentation and gives you a year to file a non-provisional application. The non-provisional application initiates the formal examination process.
- Patent Examination: Once filed, your application will be assigned to a patent examiner. The examiner will review the application to ensure it meets all legal requirements. This process often involves correspondence with the USPTO to address any objections or rejections.
- Approval and Maintenance: If the examiner approves your application, the USPTO will issue a patent. To maintain the patent, you must pay maintenance fees at 3.5, 7.5, and 11.5 years after issuance.
How Much Does It Cost For a Patent?
The cost of obtaining a patent can vary significantly. According to the American Intellectual Property Law Association (AIPLA), the average cost of obtaining a patent in the U.S. ranges from $8,000 to $15,000 for a utility patent.
This includes attorney fees, filing fees and maintenance fees. The process can take several years; the average time to obtain a patent from the USPTO is about 22 months.
Will My Patent Automatically Work Abroad?
Generally speaking, if you get a patent in a European country it will cover you for all European countries (you can apply with the European Patent Office) and if it is an American patent, it will cover you for the whole of America. (Source: TechNational)
Common Challenges When Applying For a Patent and How to Avoid Them
- Inadequate Search: Failing to conduct a thorough patent search can lead to wasted resources if your invention is already patented.
- Poor Drafting: An improperly drafted patent application can result in a narrow or invalid patent. Hiring a qualified patent attorney can mitigate this risk.
- Public Disclosure: Publicly disclosing your invention before filing a patent application can jeopardize your patent rights. File your application before presenting your invention at trade shows, in publications, or online.
Protecting your new product with a patent is a critical step in safeguarding your innovation and securing your competitive advantage. By preparing thoroughly and avoiding common pitfalls, you can successfully protect your intellectual property.
A well-protected invention not only shields you from competitors but also enhances your business’s value and growth potential.
