I have an invention, now what? This is the question that is regularly voiced by new inventors. Well, the answer is undoubtedly to file a patent application at the appropriate governmental offices so that the invention may be protected by the umbrella of the patent laws in the nation.
In United States of America, the US patent office is a one-stop-shop for all queries and procedures pertaining to the acquiring of a patent. Intellectual property rights and patent protection are commercial ways of encouraging inventions and promoting research in various vital fields.
With laws in place that acknowledge the work of an inventor and reward him for his efforts, development is kept from stagnating. Patents are issued to inventions that are irrefutable unique and possess the potential to have an impact on the market. As organizations issuing patents strive to ensure that the products that patents are being sought for are not creatively revamped versions of existing products, patented products attract high bidding prices, thereby benefitting the inventor.
Caution must be exercised to ensure that a product seeking patent protection does not infringe the laws protecting an existing patented product. Also, the inventor or the legal representative of the inventor, must ensure that the product is no longer vulnerable to trade sharks seeking to rip off the invention to derive the benefits of its market value.
Once some form of legal protection is obtained, an inventor can then proceed to market their invention to manufacturers. If an inventor finds a manufacturer who expresses interest in their idea, a licensing or purchase agreement must be negotiated in order to actually begin selling the invention.
If you enter into a licensing agreement with a manufacturer, you will receive royalties, or a portion of each sale when a retail outlet sells your product to a consumer.
