Introducing new ideas through your inventions is boon. But leaving them unprotected is a bane.
In today’s ambitious and advanced world, selling your new inventions in the market is a tough game to play – most especially when you are not secure against intellectual property thefts. Intellectual property thefts are killing your game. If you won’t give value to your innovation through patents, then they would value your innovation more than you do.
At what stake can you fight for your intellectual property? Do you want your innovation to stand out? Do you have a unique invention that could benefit millions of lives?
Don’t let others take your spotlight. This article will help you discover the benefits of patents and how much their costs are.
Benefits of Patents
#1 Monetize intellectual properties
IP valuation is a process that determines the monetary value of your patents. In other words, it helps you to ascertain the economic value of your invention and assists your strategic decisions in dealing with a business.
Practically wise, you can monetize your patents by spearheading your company’s research and development (R&D) program. Here, the value of your patents can be determined through budget and resource allocation. Also, you generate income by franchising or licensing your patent to a potential manufacturer or licensee.
#2 Increase professional value
A successful patent portfolio speaks so much of your reputable technical expertise in the field of your profession. When your invention is published by the USPTO, doors of benefits and opportunities open, giving you a source of inspiration and excitement to do more innovations.
Hence, your patent portfolio upgrades your standing in the market. As you attract more customers, it also draws big business partners. No doubt, your future investors and partners will be secured since your inventions have patent protection.
#3 Protection against copycats
Intellectual property thefts are always looking after your innovation. Since they don’t have time to think, they illegally imitate the features and functionality of your inventions.
But don’t worry, patent protection bars their motives, making your inventions unique.
Technically, patent laws provide you an exclusive right in the production and manufacturing of your invention. It helps to sustain your ideas without infringing others. By learning how to patent an idea, you can ascertain the patent-eligibility of your invention and check its patent type.
How Much Does a Patent Cost?
A patent cost is divided into four categories, including the legal consultation with your Patent Attorney, the patent search and opinion costs, the type of patent application, the post-patent legal action costs.
#1 Initial Consultation and Eligibility with a Patent Attorney
Costs: Expect between $200 – $400
You can file a patent by yourself. But, do you know that 80% of patent applications get rejected because of failure to file and respond to technical requirements?
Time is a success factor for your patent application. It’s better to hire a Patent Attorney to speed up the process.
Here, your patent attorney gives an initial consultation between 30 to 60 minutes, discussing the invention, patent process, initial eligibility, and suggestions to protect your invention.
#2 Patent Search and Opinion Cost
Costs: Expect between $500 – $5000
Patentability Search prevents your invention from getting trademark infringement. Conducting it by yourself takes you much effort and time in understanding complex information. Here, you patent attorney formulates a legal opinion for these questions:
“Is this a new invention? Is my invention infringing a published prior art?”
If you want to save your patent costs through a speedy and hassle-free application, Bold Patent offers state-of-the-art services with their world-class patent attorneys. They conduct a patent success matrix — a proven way to identify the success factors of your application.
Do you want to know the success rate of your patent application? Book a free consultation and see for yourself!
#3 Type of Patent Application
Provisional Patent Cost ($3,000 – $10,000)
A provisional patent application helps you delay your patent examination by setting an earlier filing date. Here you can still plan for the improvements of your invention for its marketability. As per the USPTO filing fee, you need to pay $700 – $150.
Nonprovisional Patent Cost ($5,000 – $40,000)
Do you have plans to market your high-tech inventions instantly? Have you filed for a provisional application and delayed your application for a year? Are you dealing with a licensee or buyer for your invention?
If these questions make you agree, then you need to avail of a nonprovisional patent application for your invention. As per the USPTO filing fee, you need to pay $5,000 – $1000.
Design Patent ($2,500 – $6000)
Design Patent helps protect the 3rd appearance of your invention, particularly the ornamental features on its surface-type. Thus, you need to submit drawings on how it captures the article.
Divisional Patent Cost ($5,000 – $10,000)
Divisional Patents enable you to divide examiner claims from a parent application. It is ideal for multiple inventions under a single application.
Continuation Patent Cost
Continuation Patents seeks new claims that were not considered at the time of filing the patent application. It doesn’t allow a new subject matter. Similar to Divisional, here it only deals when an inventor finds new claims during testing, implementation, customer feedback, and discovery.
#4 Post Filing and Patent Action Costs ($3,000 per office action)
An Office Action contains the reviews and comments of the patent examiner in rejecting your patent application. It contains legal arguments, citing jurisprudence and cases. These office actions are sent via email and need to be responded on a particular due.
Introducing new ideas through your invention feeds the curiosity of your customers. And patenting them boxes your competition in the market.
Today, you live in an ambitious and dynamic world that wants to savor new ideas and innovations through novel inventions. But that perpetual thought becomes a tough challenge for inventions when faced up with patent infringement.
That’s why patents are your greatest investment. It gives a solid, profound, and complex protection that your innovation deserves. For some reasons, patents change your life in many ways, such as:
- Patents monetize your intellectual properties;
- Patents increase your professional value; and
- Patents protect your inventions against copycats.
To sum up the costs for a patent application, patent costs are divided into four categories, including:
- Initial Consultation and Eligibility with your Patent Attorney ($200 – $400)
- Patent Search and Opinion Cost ($500 – $5000)
- Patent Application Costs ($2,500 – $40,000)
- Post Filing and Patent Action Costs ($3,000 per office action)