Patenting an invention is a time consuming and costly process. The entire process from application to receiving the patent takes at least a couple of years to complete and involves a lot of paperwork and communication with the patent office.
Before you decide to invest your time and money in patenting your invention, it helps to know about the advantages and disadvantages of patenting. Once you are aware of the pros and cons of patenting, then you can decide on how to patent an idea or invention.
Advantages of getting patent
- Patent helps you to gain exclusive legal rights on your invention. No one can manufacture, sell or import your patented invention, without your consent.
- Patents protect the inventors for a pre-determined period of time. The inventor can make profit by manufacturing, selling or licensing his invention without any competition.
- You can share details about your invention with potential investors or licensees, without the fear of the idea being copied or stolen.
- You can develop a source of revenue by licensing your patent to others or by selling the patented invention to others.
Disadvantages of patent
- The patent application form requires you to provide detailed description about your invention along with 3D design or a working prototype. This means making strategic information about the invention, public.
- The process of patenting an invention is very lengthy. It usually takes 3 to 4 years for the entire process. And in this fast paced world, 4 years is a lot of time. The technology and the market conditions will change drastically in a period of 4 years.
- The entire process is very costly. You have to pay hefty fee for patent and if you add the cost involved in hiring a patent attorney and conducting the patent search, the amount is further increased. And you have to pay an annual fee to keep your patent working.
- Though you have a patent, taking action against an infringer in an expensive process.
Weigh the advantages and disadvantages of patenting carefully, before you decide on how to patent an idea or invention. Taking an informed decision, will help you save time and money in the long run.