Green Bay Wisconsin:
You’ve got an idea or invented a product. Almost immediately, you start thinking of how much money you’re going to make. You’re convinced that your idea or product is unique. You’re ready to move ahead and obtain a patent. Is that really the next step?
There are many misconceptions about the patent process, and what can be patented. For example, your great idea is not patentable. Only useful products and processes can be patented, and you have to be able to describe it in full detail so that others can make or use it. In addition, the patent process is complicated and costly. Getting a patent is a highly specialized task that requires the services of a patent attorney or agent. Even if there are few complications, the process takes many years and costs thousands of dollars.
Despite the difficulties of the process, patenting inventions has grown in popularity. In 2006, about 500,000 patent applications were filed with the U.S. Patent Office, and about 200,000 patents were awarded. These numbers are expected to rise significantly in 2007. Locally, the interest is also high. The Green Bay SCORE Chapter often counsels inventors, and last year, an Inventors and Entrepreneurs Club was formed in the area. This popular group meets at 6:30 p.m. the second and fourth Monday of each month at the Business Assistance Center at NWTC. The meetings are free and open to all as a place to network, learn and exchange ideas.
One of the members of that group and a volunteer SCORE counselor is Steve Greenfield, a certified patent agent and owner of Greenfield Invention and Patent Consulting Inc. Once granted, an inventor is given an exclusive right to market the product of the invention for 20 years free of competition. However, Greenfield cautions that the pursuit of a patent isn’t always a good business decision.
He recommends considering whether the invention is unique, whether there’s a market for the product, and whether the product can be marketed at a reasonable profit margin. ‘Otherwise, obtaining a patent is likely to just be a waste of money,’ he advised.
If you want to have more time to research future prospects, one alternative to a full patent application is to file a provisional application with the U.S. Patent and Trademark Office. The provisional application is less costly and will protect you for one year during which you can test the business potential of your invention. Other options to protect your invention include copyright and/or trademark protection.
‘Business success does not necessarily require a patent. For example, Coca Cola never patented its formula but kept it a trade secret,’ Greenfield noted. ‘The important thing is to have a business plan and properly consider how well intellectual property protection fits in this plan.’
If you would like to know more about protecting your invention and about the Inventors and Entrepreneurs Club, contact the Green Bay Chapter of SCORE, a partner of the Business Assistance Center at NWTC. Visit www.greenbay score.org or call Cindy Gokey at (920) 496-8930 for information on counseling, resources and upcoming workshops.
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