Profit from Your Idea with a Patent
A patent can be taken out on almost any new implementable idea. It is not just about protecting your idea. Your patents are part of your Intellectual Property (IP) and can be valuable assets. Often a start-up company will be bought for its IP rather than its products or sales revenues. Here are some tips on patents.
- You do not need a working prototype before a patent application is filed. The application has to explain in detail how the new idea would work. It must be clear what is fresh and inventive in the proposal. Drawings or diagrams often help.
- Consider and include all potential applications of the idea – not just the ones in the area in which you are focused. You want the grant to be as broad as possible.
- Keep your ideas secret. Do not disclose any details publicly before you file your patent application.
- Patent landscaping is a process of determining which patents are in place or pending in a particular area. It is carried out Based on tips and ideas in the book, The Innovation Handbook, Editor Adam Jolly, Publisher Kogan Page.
