While many inventors
While many inventors will one day need to do this, few of them need to do it immediately. Instead, there is another equally safe but less expensive way to go: the $100 provisional patent application. In a provisional patent application, you do not file a formal patent claim, oath, or any disclosure statements about your invention. But what a provisional patent will do is lock in your application date and give you “patent pending” status.
If you have ever seen “patent pending” on product packaging or commercials, it is because the company in question filed a provisional patent application with the Patent and Trademark Office. It is actually unlawful to use “patent pending” unless you have done this.
What this means in layman’s terms is that you can begin to market your invention and gauge how much interest (if any) there is before deciding to file for a non-provisional patent. In the meantime, you can market your invention with the full rights and protections of a non-provisional patent. If you have ever seen “patent pending” on product packaging or commercials, it is because the company in question filed a provisional patent application with the Patent and Trademark Office.
If you are smart and work quickly, you can use that 12 month period to hustle your idea and generate interest in it. By the end of that time you should have a very good idea of whether it is worth applying for a non-provisional patent.
Step: Decide on your track
There are several “tracks” you can take to bring your product to the marketplace.One track is to become an “outsource entrepreneur.” In this way, you essentially become a hired gun. You, the inventor, perform the tasks of researching and developing the product. Then, you “outsource” the manufacturing and marketing to partners with money. Those partners will develop, market, and fund the startup costs. In return for their greater efforts, they will receive a greater return. The benefit to you, however, is that this is one of the quickest ways to bring a product to market and exit with cash in hand. If you are a serial inventor, this can be a great way to build up some cash and move on from one idea to the next.
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