Patent strategy may or may not have crossed your mind in the past. Patent strategy is essentially the process that a company or individual goes through to make sure that their inventions are secure and protected under patents. The patent process is something that is super important for making sure you can maintain your position in the market and prevent others from infringing on your consumer base.
You’ll also want to make sure you know if you’re filing domestically or globally for the patent. These processes are vastly different and require very different approaches. So, before you even proceed to the next step, be aware that these tips are largely for domestic patents. If you would like to learn more about global patents, we suggest doing a bit more research.
Setting Goals
Before you apply for a patent, you should make sure you understand why you’re starting this journey. Sometimes the ideas or invention come first, and other times the desire to have a patent precedes the actual idea. If you want to patent something, obviously it can’t be patented yet. You’ll need to do research and set goals before you move into this process any further.
“I would recommend making sure you understand what you’re looking for in a patent before you initiate the process,” says Susan K. Shaffer, President of Pneuma Nitric Oxide. “There is a lot that goes into the patent process so you don’t want to be running in and spending tons of time and money trying to create a patent that isn’t worth the investment or time that you’re going to be putting into it.”
Asset Evaluation
Next, you’ll want to conduct what’s called a patent valuation. This type of asset evaluation basically examines what your patent is worth to competitors or others who may need it in a different market segment. If your patent is likely to form a future cash flow, you’ll want to make sure you know what that might look like.
“The bottom line is that you don’t want to invest a ton of money into a patent that is not going to give you rights to a product that will help you,” says Jayme Muller, Brand Manager at RTA Outdoor Living. “Anyone could patent a newly invented computer component, but if that piece can’t be adapted to work with future models of that hardware, then it’s only going to be good for that one model while it’s being produced. You want the item you patent to be able to be used and adapted to future technologies, machines, and situations so it gives you a bit of security in investing in the patent.”
Procurement Process
Next is the patent procurement process where you’ll have the legal documents drawn up and signed to be submitted for approval. This is often the least favorite step of the process because it requires a lot of different people to sign different documents and for them to be submitted in specific ways. Typically, this will take just five to ten business days, but it can go on for longer.
“If the item which you’re requesting a patent for is very complex or involves many drawings, adjustments, or rephrasing, this process can drag on for months,” says Sam Sarullo, CMO of Daniel’s Jewelers. “This is why it’s important to make sure you have a lawyer who is well versed in patent strategy and can answer your questions before paperwork starts to be filled out. If the wrong forms are submitted or you don’t have everything together, you risk delaying your patent or – even worse – having your request denied.”
Patent Approval and Deployment
Unfortunately, the last step is often what takes the longest. Patent approval can take anywhere from a couple of months to a few years depending, again, on the complexity of the patent. If the patent office has to have the patent reviewed by many parties in order to have it approved, it will obviously take a bit longer. There are also some different types of patents and some tend to take priority over others.
“People looking to get a patent for a design patent are, unfortunately, at the bottom of the priority list,” says Ian Heyman, Founder of Male Drip Protection. “The patent offices will always prioritize patent types such as plant patents and utility patents compared to designed patents. Also, if you have to file changes or additions to your patent, you can qualify for the priority patent application which would essentially bump your new patent paperwork up in line to take the place of your original patent request.”
Conclusion
Patents are a great thing to have if you’re looking to protect your ideas and inventions. They help keep your things safe and secure under legal documents and it prevents others from being able to use your work to compete for customers in your industry. Patents within your country of origin are typically able to be completed in about a year, though some processes can go on for longer.
Goal setting is the first major part of the patent strategy process. During this step, you’ll evaluate what’s important about getting a patent and start looking into the options for patent valuation (which is step two).
During the valuation portion of the patent process, you’ll take a look at how much this invention is going to benefit you or your organization in the long run. If it doesn’t look like it’s going to be something that’s able to be utilized long-term, you may want to reconsider the patent process since it is lengthy and expensive.
The procurement process is often able to be done in days, but can take months if you’re not organized ahead of time. It’s recommended to meet with your legal counsel regularly to make sure things will run smoothly.
Finally, the patent approval and deployment process will bring you to the finish line. While this is the longest step of the process, it has the greatest prize at the end: the great sense of pride that you finally have your patent to show for your work!
