The ability to invent a product however, does not guarantee you success. According to the U.S Patent Office only 3% of patents make the inventor any compensation. I'm going to inform you in on the most important steps you will need to take in order to ensure that your invention makes it onto the market and makes you money!
1. As soon as the idea hits you, make a record of it! - Make sure that you record the information in pen, You must include a clear description of your idea, the date that you thought of it, your signature, and the signatures of two witnesses sating that they have witnessed and understand your invention, with dates. This is crucial to the protection of your invention, this original documentation will prove absolutely necessary if any person tries to steal or duplicate your idea before you get the actual patent. An inventor, you really can't continue with the patenting process without completing this first step.
2. Make your prototypes as soon as possible- You as the inventor need to be able to assess whether or not you think that your product will sell successfully. You also need to be able to show possible investors, manufacturers, and marketing experts (only those that have signed a confidentiality agreement!) your idea. Taking your idea and turning it into an actual tangible product will help you immensely with selling your idea
3. Protect your invention- Do not pitch your idea to anybody until they have signed a confidentiality agreement or a nondisclosure agreement if you don't think that your idea is patentable. If you know that your idea is patentable, you can file a provisional patent application for $110. Be discreet; be careful who you discuss your invention with and any discussion of your product should be recorded. Keep signed logs of any activity involving your invention. Always make any and all witnesses sign at least confidentiality agreements or risk having your idea stolen.
4. Build a Great Team ASAP!- The most important step in getting your invention out there and on the market is assembling a team of experts that will benefit and guide you. To begin building your team, you must hire a reputable patent attorney to protect your rights and help you on the road to a patent. Next, you need to locate and hire a Marketing expert who suits your needs to get your product sold and make some money toward the actual patent. The marketing expert is the most important person on you team besides you. Your marketing expert will help you be certain that your product will sell, and help you immensely. If you want your product to be successful a marketing expert is absolutely necessary. The final team member that you need is a trustworthy manufacturer to begin actually producing your invention in bulk.
5. Get your Patent! - Take your time, do not be rushed into getting your patent. You must ensure that you have enough money and will make money. You want to wait until you have assembled your team to file for your patent because generally speaking, your investors and manufacturer will cover almost all of the cost of producing and patenting your idea. Have your patent attorney do a patent search and file your patent application. You will need drawings or photos.
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