Are you scared of what it will cost you to acquire a patent? If you are Product Idea, you might be. Large corporations may be able to shell out thousands of dollars without flinching, however when the money comes from a single income it’s a different story.
So how much would it cost an individual or a small business to acquire a patent? Let’s get started with the fees through the US Patent Office. To file a basic patent application the charge is $500. If the patent is granted, there is a $700 issue fee plus a $300 publication fee. There may even be surcharges when the patent application has ended 100 pages or has greater than 20 claims. There is certainly typically some communication in between the patent office and the inventor (or perhaps the inventor’s attorney) throughout the review procedure for the application form, and when the inventor’s responses are late, there could be even more surcharges.
Now that we’ve established that the Patent Office’s fees alone can be quite expensive, let’s speak about attorney fees. It could not unreasonable to get a patent attorney charge from $150 to $400 an hour or so for his or her services. Some companies may pay $12,000 to $14,000 in attorney fees to obtain a patent application for the patent office. However, there are several attorneys who charge lower fees – $2,000 to $4,000 total – for his or her work making the process much more affordable.
At this point you may wonder if it is all worthwhile. Think about this query: Will owning a patent about this idea generate more revenue compared to what it is going to cost to have the patent? Otherwise, it may be more economical for you to just walk away from the whole thing. But for those who believe obtaining the Inventhelp Inventions is definitely an investment and are worth it in the long run, there are certain things you can do today to minimize your costs.
Until you are patent savvy, you are going to still want a professional to prepare the patent application. A possible approach to minimize costs is by using a patent agent rather than a patent attorney. Patent agents are non-attorneys who definitely are capable of prepare patent applications and typically have lower rates. No matter whether you choose an attorney or perhaps an agent to make the application, their costs will be worth it.
You should keep in mind that not every patents are created equally. The worth of a patent is dependent upon the method by which it is written, particularly in the “claims” part of the I Want To Patent My Idea. Much too often, individuals ogapcl patents without the assistance of a patent attorney or agent and get a patent with unnecessary limitations. Competitors have no trouble getting around such weak patents, and the individual may lose vast amounts of money amount of revenue.
Just simply because you hire an attorney doesn’t mean that you simply don’t have control over the expenses. Well prepared inventors who communicate quickly and effectively using their attorneys may have the largest savings. Do not approach legal counsel until you have done everything else you can do. Before creating any major investment you must do your homework. Websites like uspto.gov, inventorbasics.com, yet others might be considered a good place to begin. Prepare figures, write a detailed description in the invention, and do a patent search (uspto.gov). Should you begin a visit with the attorney, and he/she begins asking you questions you don’t have answers for, rescheduling another visit may be necessary.