Patents in Business

More Advice for Independent Inventors

I have had a rash of independent inventors calling over the last few weeks, all with very sincere and heartfelt belief in their ideas. My first advice is always to do a business plan, but I also suggest that the independent inventor do as thorough a patent search as possible. The basic advice to a new inventor: learn everything you possibly can.

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Write A Business Plan Before Thinking About A Patent

The best piece of advice I give inventors, both independent inventors and business managers, is to do at least a cursory business plan before seeking a patent. Not only are patents expensive, but they teach your competitors a lot about your strategies, technologies, and plans for the future. There really needs to be a good business case for disclosing your trade secrets before you do so.

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The Importance of Patent Searches

This report on talks about the Euro notes that may possibly infringe a European Patent. The patent holder is apparently seeking a reasonable royalty for the literally billions of Euro notes in circulation.

Let this serve as an example of how operating in a vacuum can be a bad thing.

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Working Within a Budget

Along the lines of the embedded patent attorney concept, I often work with my clients to develop a budget for patent protection, then map a strategy to get the best bang for the buck.

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