Are you scared of what it will cost you to have a patent? Should you be Invention Help, you may be. Large corporations may be able to spend 1000s of dollars without flinching, however, when the cash comes from a single income it’s another story.
Just how much would it cost an individual or your small business to acquire a patent? Let’s start with the fees from your US Patent Office. To submit a basic patent application the charge is $500. Once the patent is granted, you will find a $700 issue fee plus a $300 publication fee. There may also be surcharges if the patent application is finished 100 pages or has a lot more than 20 claims. There is certainly typically some communication involving the patent office as well as the inventor (or even the inventor’s attorney) during the review procedure of the applying, and in case the inventor’s responses are late, there might be even more surcharges.
Given that we’ve established that the Patent Office’s fees alone could be very expensive, let’s talk about attorney fees. It might not unreasonable to have 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 obtain a patent application to the patent office. However, there are some 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 should it be all worth the cost. Ask yourself this inquiry: Will owning Patent My Idea about this idea generate more revenue than it is going to cost to obtain the patent? Or even, it could be less expensive so that you can just walk away from the whole thing. But for people who believe obtaining the patent is definitely an investment and will also be worthwhile over time, there are some things that can be done to minimize your costs.
Until you are patent savvy, you will still need a professional to make the patent application. A possible 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 normally have lower rates. No matter whether you select an attorney or an agent to prepare your application, their costs will likely be worth it.
It is important to keep in mind that not every patents are produced equally. The value of A New Invention is determined by the manner in which it really 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 get a patent with unnecessary limitations. Competitors do not have trouble ixcxxf around such weak patents, and the individual may lose millions of dollars amount of revenue.
Just because you hire an attorney doesn’t imply that you don’t have control of the expenses. Ready inventors who communicate quickly and effectively making use of their attorneys will have the biggest savings. Do not approach a lawyer until you have done everything else that you can do. Prior to making any major investment you must do the research. Websites like uspto.gov, inventorbasics.com, as well as others may well be a good place to begin. Prepare figures, write a comprehensive description of the invention, and do a patent search (uspto.gov). Should you take up a visit with an attorney, and that he/she begins asking questions you don’t have answers for, rescheduling another visit might be necessary.