Are You Demonetizing Your Invention or Patent?
Updated: Nov 29
With the rise in recent patenting trends it is evident that the number of inventions is ever rising and inventors are more motivated towards filing for patents. It is now fully known that patent is not merely a tool for protecting intellectual property but is also a treasure for making millions. It won’t be wrong if we call patents as white gold of modern era.
However, analogous to fluctuating value of metallic gold, monetary value of patent may also get unfairly valuated if not taken care of during ideation and patent/product cycle.
Below are discussed some of the frequently made mistakes that may demonetize the actual value of your invention or patent.
1. Not evaluating the novelty of the invention/idea before starting work on a prototype: Novelty identification is the most important step before starting any full-fledged work on any invention or prototype. As the time and effort is precious, one will tend to lose significant amount of these in case at a later stage it is found the invention/idea is not novel. Also, any monetary expenses spent during patenting process may also get wasted if one doesn’t identify the invention’s novelty during the initiation itself. Accordingly, it’s a must that novelty evaluation be conducted prior to starting the work on the invention and prototype.
2. Not taking a prior right or filing an earliest provisional application before starting work on the invention/prototype: Just having a novel idea of an invention won’t help unless the rightful owner claims the exclusive right over it before someone else does. All effort, time and money may get wasted if one does not file a patent application (atleast a provisional one) to get a prior right over the invention. Provisional application is the best way of claiming exclusive right over an idea/invention as it provides earliest prior right; and a 1 year of grace period, for filing a non-provisional final application, in which one may also work for finalizing the invention.