Are you scared of what it will cost you to have a patent? If you are Invention Idea, you may be. Large corporations may be able to spend lots of money without flinching, however, when the money comes from a single income it’s another story.
Just how much would it cost someone or a small business to get a patent? Let’s start with the fees from your US Patent Office. To submit a simple patent application the charge is $500. Once the patent is granted, you will find a $700 issue fee in addition to a $300 publication fee. There may also be surcharges when the patent application is finished 100 pages or has a lot more than 20 claims. There is typically some communication in between the patent office and also the inventor (or the inventor’s attorney) through the review procedure for the application form, and if the inventor’s responses are late, there may be a lot more surcharges.
Since we’ve established the Patent Office’s fees alone could be very expensive, let’s discuss attorney fees. It might not really 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 their work making the process much more affordable.
At this point you could wonder if it is all worthwhile. Think about this query: Will owning Invention Idea Help with this idea generate more revenue compared to what it can cost to obtain the patent? If not, it may be more economical so that you can just walk out of the whole thing. But for people who believe getting the patent is definitely an investment and will also be worthwhile over time, there are certain things you can do to minimize your costs.
Until you are patent savvy, you may still desire a professional to prepare the patent application. A possible approach to minimize costs is to use a patent agent rather than a patent attorney. Patent agents are non-attorneys that are capable of prepare patent applications and routinely have lower rates. Regardless of whether you choose a lawyer or even an agent to get ready the application, their costs will be worth the cost.
You should keep in mind that its not all patents are made equally. The value of Prototype Model is determined by the way in which it is written, particularly in the “claims” part 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, as well as the individual may lose millions of dollars worth of revenue.
Simply because you hire an attorney doesn’t imply that you don’t have power over the expenses. Well prepared inventors who communicate quickly and effectively making use of their attorneys could have the largest savings. Usually do not approach a lawyer until you have done anything else you can do. Prior to making any major investment you need to do the research. Websites like uspto.gov, inventorbasics.com, and others may well be a good starting point. Prepare figures, write a detailed description of the invention, and do a patent search (uspto.gov). In the event you begin a visit with an attorney, and that he/she begins asking questions you don’t have answers for, rescheduling another visit may be necessary.