4 First Steps to Patenting Invention Ideas

There are many individuals in this world who possess brilliant invention ideas but only few of these are able to convert their idea into a commercial product that people actually desire to purchase. It does not matter how wonderful your invention is; if it is not suited to be manufactured commercially, it will never make its way to the shelves of retail stores. However, no matter how wonderful your invention is; you have to have a workable and creditable strategy to convert it to a commercial product. You can earn revenue by selling your idea as a commercial product. You can even do this by developing it. The most important aspect of a business or a venture is the capital; the greater the capital, the more are the chances of success.

Business inventors generally seek advice from experienced professionals, patent attorneys or venture capitalists before making a move to monetize their invention ideas. While some inventors simply share their idea with anybody who will take it, most business innovators seek professional help to transform their invention ideas into realities. You have to follow the guidelines of the patent authorities and seek legal advice before deciding to file a patent for your invention ideas; do not attempt to create your own strategy to patent your ideas as the USPTO will reject your application.

If you wish to monetize your invention ideas then there are certain guidelines that you will have to follow. Firstly, you must determine the scope of the application, this is mainly based on the competition in the relevant market. You should also identify whether the idea is new or not and whether it is capable of meeting the requirements of the relevant market. Next, you should draw out an economic analysis report, this will include details like estimating the total cost involved to manufacture and sell your product and the expected returns from the commercialization of the product. This will help Invent Help you determine the feasibility of your invention.

Patents can be classified in two categories, these are disclosed and unrevealed. Disclosed patents can be protected by a license and unrevealed ones are not so lucky, if they are disclosed then they may be available for a royalty but not for free distribution. Inventors normally seek protection for newly created products and these newly created products will be considered as free distribution inventions. Thus, if your invention involves new products then it is good to seek protection for it and also when the product is not very much different from the existing products in the market.

Once you have identified the invention ideas and their viability, you will have to set up the necessary steps for the development of your invention idea. First of all you will have to get an address for your new product. It should be a distinct place so that others cannot make any use of it and so that the development process can be slowed down. It is important that the area should be easily accessible and so that the inventor can carry out the research work conveniently. At this stage you should decide whether you will design the product, or you want it to be designed by others.

Designing the product involves the process of incorporating the essential features of the invention ideas that have been identified by the inventors. This includes the data related to the markets, the technical, marketing and business aspects and the feasibility of the product. All the aspects have to be well understood by the inventors so that they can design the product in such a way that it can fulfill the intended purpose. One of the most important aspects is that the product should be highly functional and easy to use. There should be a minimal level of complexity and an obvious user interface with simple controls.

Once you have set up the basic processes for your new product, you will have to do the preliminary research for your invention ideas and get some information related to your competitors. The competition analysis will help you identify the strengths and weaknesses of your competitors. These will enable you to make appropriate amendments to your design and hence improve the functionality of your product. When you have completed this step you can move ahead with the patent application.

There are different ways of collecting information about the competition. You can either visit the annual meetings of the World Productivity Commission (WPC) or the Productivity Commission of Japan (PCJ). You can also attend the Annual Meeting of the Association of Medical Device Manufacturers (AMDM), the Annual Meeting of the American Medical Association (AAMA) and the Annual Meeting of the Society of Medical Innovators (SMMI). The Internet is also a valuable source of information and you should try to collect as much information as possible before you start the invention process.