Are you fearful of what it will cost you to obtain a patent? Should you be Inventhelp Inventors, you may be. Large corporations may be able to spend thousands of dollars without flinching, however when the cash comes from a single income it’s an alternative story.
Just how much would it cost an individual or your small business to acquire a patent? Let’s begin with the fees through the US Patent Office. To file a fundamental patent application the fee is $500. If the patent is granted, there is a $700 issue fee along with a $300 publication fee. There could also be surcharges when the patent application is over 100 pages or has greater than 20 claims. There is certainly typically some communication in between the patent office and the inventor (or the inventor’s attorney) during the review process of the application, and if the inventor’s responses are late, there might be even more surcharges.
Now that we’ve established that the Patent Office’s fees alone can be very expensive, let’s talk about attorney fees. It might not unreasonable to get a patent attorney charge from $150 to $400 an hour or so for their services. Some companies may pay $12,000 to $14,000 in attorney fees to acquire a patent application towards the patent office. However, there are several attorneys who charge lower fees – $2,000 to $4,000 total – for work making this process a lot more affordable.
At this stage you may wonder if it is all worthwhile. Ask yourself this query: Will owning Product Patent on this idea generate more revenue than what it will cost to obtain the patent? If not, it may be less expensive for you to just walk out of the whole thing. But for people who believe obtaining the patent is surely an investment and will also be worth the cost in the end, there is something you can do to lower your costs.
Unless you are patent savvy, you will still want a professional to make the patent application. A likely way to minimize costs is to use a patent agent instead of a patent attorney. Patent agents are non-attorneys that are qualified to prepare patent applications and typically have lower rates. Whether or not you choose an attorney or even an agent to prepare your application, their costs will be worth it.
You should keep in mind that not all patents are produced equally. The value of I Have An Invention Idea Now What is determined by the way in which it is actually written, specifically in the “claims” section of the patent. All too often, individuals file patents without the help of a patent attorney or agent and end up with a patent with unnecessary limitations. Competitors have no trouble ixcxxf around such weak patents, and the individual may lose vast amounts of money amount of revenue.
Simply because you hire legal counsel doesn’t suggest that you don’t have power over the expense. Ready inventors who communicate effectively with their attorneys will have the greatest savings. Do not approach a lawyer until you have done anything else that you can do. Before you make any major investment you must do the research. Websites like uspto.gov, inventorbasics.com, yet others can be quite a good starting point. Prepare figures, write an in depth description from the invention, and perform a patent search (uspto.gov). In the event you begin a visit having an attorney, and then he/she begins asking you questions you don’t have answers for, rescheduling another visit may be necessary.