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.
Posts Categorized: Patents in Business
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.
This report on Out-law.com 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.
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.
For licensed patent portfolios, a technology may be broken down into two major pieces with some sub-pieces.