Originally Posted 3/19/07
FOR ANSWERS TO MORE QUESTIONS CLICK TO VISIT: OUR WEB SITE
Question: What are the chances that I will make money from my invention?
We have absolutely no idea! Your invention could be incredibly valuable to the particular market segment to which it pertains or it could be a dud. You are in a better position to evaluate that than us. Sometimes timing and luck play a significant role in bringing an invention to market. And then of course there is your commitment to the invention. Are you willing to spend the time required to promote your invention? Are you willing to spend the money necessary to pursue your invention to its logical conclusion?
One thing is very certain; your chances of success are lowest if you do not protect your invention with a well-drafted patent. In fact, your chances at licensing your invention without a patent are essentially zero (of course, there are always rare exceptions). The decision to patent your invention should not be entered into lightly, but if you are willing to devote the time, the money, the energy and the perseverance necessary to pursue your invention, the rewards can be huge, and not just in terms of money but in terms of accomplishment.
One of our attorneys (Kurt Leyendecker) invented a product, formed a company to produce and market that product, and lived through the failure of the company. However, he does not regret having taken the chance. In fact despite the outcome, he claims to learned so much from the experience that it has made him a better businessperson and lawyer today. He feels his entrepreneurial experiences allows him to better assist the Firm’s clients in their ventures.
In our opinion, the two most important factors to the success of an invention are (1) a novel and good idea for an innovative product or process, and (2) a high degree of commitment by the inventor. Everything else pales in comparison. And we would even be so bold as to say a very high level of commitment can even turn an idea that perhaps isn’t so great into a successful product or process. So if you have the will, the desire and the fortitude to see the process of bringing a new product to market through, than your ultimate chances of success increase significantly. The actual invention of a new or improved product or process plays a very small part in a product’s ultimate success.
Obtaining a patent for your invention also plays a crucial part in the process of bringing your invention to market, especially if your goal is to license it to others. Most large corporations will not even look at your invention unless you have at least applied for a patent.
If you are going to produce and market your invention, a patent is not an absolute necessity. However, if your product is successful, watch out because a well-heeled competitor may copy your product and cannibalize your market share, and there will be nothing you can do about it.
To summarize, you are the key to the success of your invention. If you have a good idea along with the will and the persistence to pursue your invention, your chances of success, although not guaranteed are much improved over the typical independent inventor. Obtaining a patent for your invention is your price of admission and the first step on the road to success.
See my previous post for the answer to the first question: Who can I tell about my idea/invention, and what precautions should I take?
Bookmark this Blog or better yet sign up for either an RSS or email feed (both at the right) to receive all the posts in this series. Next up: What is a Patent? Also, we have another set of FAQ posts running concerning Trademarks. You may want to check those out as well.
FOR INFORMATION REGARDING OUR FIRM CLICK HERE
