For anyone considering inventing, or "creating" a new product, an area of consideration that needs to be kept in mind is protecting your intellectual property.
Many of us see all the wild inventions on television - from salad spinners to "foot pads" that will detoxify your body from harmful metals and other substances. What nobody realizes is the fees that go into obtaining a US Patent.
From filing fees to legal fees - a patent that is deemed "relatively simple" to "highly complex" will cost a product developer anywhere from $4,000 to in excess of $25,000.
The one way to somewhat get around the major expense to protect your intellectual property would be to obtain a "provisional patent" - which comes with warnings of it's own.
Kelly Spors, a writer for the Wall Street Journal stated that "the vast majority of patents- some estimates suggest up to 97% - never reach the market."
There are companies that you can tap into that will bring your product to market. Unfortunately, they will end up making the bulk of the money.
Sunday, February 3, 2008
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