The term patent is often used when it does not fully reflect the real state of affairs. Every day we all come up with different ideas, but mostly we don’t do anything to turn those ideas into something palpable. Also, many people try to turn their ideas into reality but many steps have to be taken for this to be called a patent.
On the other hand, a large number of people make the mistake of thinking that they are not yet ready to patent their idea, when in fact they should do so. And then because of that, it is not uncommon for ideas to be stolen and marketed by someone other than the inventor himself. Such situations have been well known throughout history, from light bulbs to Facebook. In so many cases, it is considered that the person to whose name is linked to the patent is not the real inventor. In order not to rush or be late to apply for a patent, we will explain to you what the patent is exactly, what types exist, as well as the advantages of getting a patent for your idea so that someone does not overtake you and collect merit undeservedly.
What is a patent?
Do you know exactly what a patent is? It is a government license that guarantees you exclusive rights to make, sell and use your idea for a certain period of time.
During that time, you are protected from all attempts to someone steal your idea, copy it, unauthorized sales, and anything else. You are the owner of the license, and this allows you to let others produce the product for you while keeping the product wholly owned by you. You can also sell the license, i.e. patent if you want. In any case, you claim full rights for as long as the license lasts. Of course, under the assumption that someone has not already registered something the same or similar.
Types of patents
There are three different types of patents. These three different types are a utility patent, a design patent, and a plant patent. The first two are incomparably more common than the plant patent, but we will say a little more about each of them.
The utility patent guarantees that the way the patent works will be fully protected. It is used for various machines, processes, and similar things where the way of working is what is most important. Of all three types, by far the most patent application is for a utility patent. It can last a maximum of 20 years and must have a practical purpose.
Following a utility patent, the U.S. Patent and Trademark Office receives the most applications for registration of a design patent. Unlike a utility patent that must have a practical purpose, a design patent protects an item’s look. It must not be functional, but solely decorative. It lasts up to 14 years and you can’t renew it.
A plant patent is the rarest undoubtedly because it is obtained if a new variety of plants is found in an uncultivated state which is a very rare occurrence nowadays. It lasts 20 years.
Now that you know all the basics about the patent, let’s focus on the advantages.
This is the most valuable thing that patenting an idea gives you. Once you complete the whole process and get a license, it becomes your intellectual property. This means that only you can control everything related to it, reap profits, and the like. No one can steal an idea from you, nor make money based on your idea, without agreeing with you and paying you a certain amount. From the first to the last day of the license validity, you will not have any worries.
Attracting sponsors and investors
Surely you already know that an idea in itself means nothing and that it is necessary to develop it in order for it to become a patent. Also, the process of applying for a patent and everything else costs money and it is certain that you have spent a significant amount of money so far.
And in order to be successful in the market, you will probably need a partner, investor, sponsor, or something similar. Once you get a license, you will very easily attract sponsors, who can hardly wait to invest in your project. On the other hand, if you have not patented your idea, investors will be very reluctant to invest money. It means that there is a great possibility that someone else will place your idea on the market before you and then they will not want to take risks.
You won’t have to keep it a secret anymore
One of the first tips that patent experts from InventHelp will give you is not to tell anyone about your idea, and that even though you have to tell someone, you should give people only a piece of information, not complete information, to reduce the risk of someone stealing your idea. Once you patent your idea, you will be able to stop worrying about that. It will no longer be your secret, but something you will be able to tell everyone, with pride, as you deserve.
You can sell it
As already mentioned, you can give someone the right to produce your patent or you can even sell a patent. If you have decided that you do not want to develop it anymore, and you want to make money without extra effort, then selling a license is a great idea. You will earn very well, and the patent will no longer be your responsibility. You can only do this if you have an official license. You can also sell your idea before licensing, but at a significantly lower price.
Although the patenting process is expensive and very long, don’t let that discourage you and make you give up. This is the most important thing you can do to protect yourself and ensure that all the years of your effort will not be in vain.