Are you scared of what it will cost you to obtain a patent? If you are New Product Ideas, you may be. Large corporations may be able to spend 1000s of dollars without flinching, but when the cash comes from a single income it’s a different story.
So, just how much would it cost someone or a small company to acquire a patent? Let’s get started with the fees from 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 may also be surcharges in the event the patent application is finished 100 pages or has greater than 20 claims. There is certainly typically some communication in between the patent office and also the inventor (or even the inventor’s attorney) throughout the review process of the application form, and in case the inventor’s responses are late, there may be even more surcharges.
Since we’ve established that the Patent Office’s fees alone can be very expensive, let’s speak about attorney fees. It would not be unreasonable to possess a patent attorney charge from $150 to $400 one hour for their services. Some companies may pay $12,000 to $14,000 in attorney fees to obtain a patent application for the patent office. However, there are several attorneys who charge lower fees – $2,000 to $4,000 total – for his or her work making the process much more affordable.
At this time you may wonder when it is all worthwhile. Consider this question: Will owning New Product Idea on this idea generate more revenue than it will cost to have the patent? Otherwise, it may be less expensive for you to just walk away from the whole thing. But for people who believe having the patent is an investment and will also be worthwhile in the long run, there are certain things that you can do to reduce your costs.
Except if you are patent savvy, you may still want a professional to prepare the patent application. A potential method to minimize costs is by using a patent agent rather than 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 legal counsel or perhaps an agent to make the application, their costs will likely be worth the cost.
It is important to remember that its not all patents are created equally. The value of Inventhelp Inventor depends on the manner in which it really is written, especially in the “claims” area of the patent. Much too often, individuals file patents without the help of a patent attorney or agent and get a patent with unnecessary limitations. Competitors have zero trouble ixcxxf around such weak patents, and the individual may lose millions of dollars worth of revenue.
Simply because you hire a lawyer doesn’t mean that you don’t have control over the expenses. Ready inventors who communicate quickly making use of their attorneys could have the biggest savings. Usually do not approach a lawyer until you have done everything else that can be done. Before making any major investment you have to do your homework. Websites like uspto.gov, inventorbasics.com, and others can be quite a good starting point. Prepare figures, write an in depth description of the invention, and perform a patent search (uspto.gov). If you take up a visit with an attorney, and he/she begins asking questions you don’t have answers for, rescheduling another visit may be necessary.