About Patenting an Idea

Identification

To patent an idea means to apply for and receive certain property rights to the idea from the U.S. Patent and Trademark Office. A new patent lasts for 20 years from the date of the application, but there are certain cases where this may vary. In those cases, the date of an earlier but related application may be used. These cases are subject to maintenance fees, however.

Effects

Patents issued by the U.S. Patent and Trademark Office are only valid in the United States and U.S. territories. A patent grants the owner the rights to prevent others from making or selling a product based on the patented idea. In fact, it also allows the patent owner to exclude others from even using a product based on the idea.

Considerations

While it is possible to file for a patent without assistance, if you're not experienced in this area, it's recommended that you hire a patent attorney to help write up your patent and file it properly. Since a patent application must be filled out in a precise manner, even a single mistake can cause the patent to be invalid. This can cause significant time delays, and you risk losing the ability to patent the idea altogether.

Prevention/Solution

If you can't afford a patent attorney, there are other options. For example, you could approach investors with a business plan. Explain your product's potential for financial gain, and if the investors are interested, they will often pay for the patent. In this case, though, be prepared to negotiate with them to ensure that your portion of profit is acceptable. The best option is to come to the table prepared. Decide ahead of time what you'll accept and be prepared to walk away if necessary.

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