If you are planning to selling a patent, patenting it will surely increase its value by a substantial factor. Plus, a patent will also protect your idea from being copied or commercially exploited.
Now, when you are filing a patent application there are two options at your disposal. You can either file for a Provisional Patent or a Non-Provisional Patent. Here’s everything that you should know about them:
What is a Provisional Patent?
The USPTO introduced the Provisional Patent Application in 1995. It allows inventors to keep their inventions protected for a maximum of one year. Following the completion of the 12 months, the inventor must file a formal patent application. The provisional patent application doesn’t necessitate any declaration or completion of any formalities. Until a formal patent application is filed, inventors are allowed to use “Patent Pending” status for their invention.A provisional patent application or PPA can be a very handy legal entity for inventors who are not yet sure or confident about the commercial potential of their invention.
What is a Non-provisional Patent Application?
The non-provisional patent application is your regular patent application. More often than not it is the utility patent application that inventors file and submit before the USPTO to secure exclusivity and protection for their invention. Once the patent is granted, the inventors have complete ownership over the invention for 20 years. The cost of filling a non-patent application is more than a provisional application.
Provisional Vs Non-provisional Patent Application: Which one should you choose?
You can choose to file a provisional patent application in any of the following cases:
- Your invention is nearing completion and you want to forbid others from claiming patents on similar ideas.
- You have a new product ready but have not fully tested its commercial potential. In such a scenario, a provisional patent allows you an extended 12-month period to explore and evaluate its commercial aspects.
- You have a working product in hand but need more time for marketing, selling, and fundraising.
A provisional patent is valid only up to 12 months from the date of the filing date. After that, you will either have to file a non-provisional application or drop your patent claim altogether.You should file for a non-provisional patent if you are 100% assured that your invention is unique, non-obvious, and is at risk of being copied and financially exploited by competitors.
How to File a Patent Application?
With so many steps involved, the patent process can be long and resource-consuming. However, if you prepare well, there is no reason why you can’t sail through your patent filing process.Below we have listed some of the key things you should follow while filing a patent application. These steps are generic and applicable irrespective of provisional and non-provisional patent application:
Step 1: Don’t Elaborate Your Invention
As an investor, it is natural to go into details when describing your invention in the patent application. However, be very clever with specificity and disclose only that much that is necessary and nothing more.This way you will keep the scope of your invention broad. Moreover, describing the most basic version of your invention will ensure that your patent has a broader scope. Always remember, the more elaborate and descriptive you get, the narrower your patent rights and protection get.
Step 2. Establish Usability
One of the key goals of any patent application is to determine the usefulness of the invention. The general description column in the patent application is the place where you can highlight the invention’s utility and value.As a general rule of the thumb focus on the following things when drafting your patent application:
- How your invention fits in to market needs
- How your invention brings value to end-users
- What makes your invention unique and novel
Step 3. Don’t Ignore Figures and Drawings
There are some things that words can’t simply explain. That’s where the beauty of figures and drawings lie. Figures and drawings are visual representations or descriptions of your invention. They aid the patent examiner in understanding the invention to the smallest of detail. Plus, they also ensure that your patent will fit in the exact technology unit that you want it to, leaving no room for future discrepancies or false infringement claims from your probable competitors.
Provisional Vs Non-Provisional Patent Cost
Getting a patent can be a fairly long process. The cost can vary depending on the attorney you hire, the number of rejections you have to contest, as well as the infringement claims you might have to respond to during the process.The non-provisional patent can cost anything between $15000-20000.
- $4000 for Application for grant of patent
- $6000 for early publication fee
- $10000 for examination of patent application fee
Note: We have not yet taken into account the attorney fees. This is variable and will depend primarily on the expertise and experience of the individual.
However, if you think that it is too early to file for a patent and you need more time to access the commercial scope of your invention, a provisional patent application will not only buy you more time but also save you money that may otherwise be wasted if your invention doesn’t materialise into a commercial product.The cost of filing a non-provisional patent application is only between $2000-3000. It will grant you a pendency of 12 months from the date your provisional application has been filed.
Things You Should Keep In Mind
If you have an idea that seamlessly fits into any of the four patent categories: machine, process, assembly, and composition of matter, then you are eligible for a patent. Even if you don’t have a prototype ready yet, you can articulate your idea through drawings and words to make it patent-eligible.However, when you are filing for a patent, it’s easy to lose sight of your business goals. Given the ambiguous legal terms and complex laws, it’s not easy for inventors to package their patent applications efficiently and make their patent most lucrative and valuable for future inventors or buyers.Last but not least, refrain from disclosing your investment on social media for feedback or promotion. If you have already done this more than a year ago, then your invention is not eligible for patent. Even if you have made improvements during this period, the patent will offer protection only to the improvements and nothing more.
Final Words
If you are planning to sell your patent idea, hiring a patent attorney will make your patent journey less bumpy and more lucrative. But you must hire a patent attorney who is well-apprised with the technology you are working with and the industry you want to introduce your product to.Do thorough research, connect with the best Patent Services USA, and hire an attorney who understands your idea and has all the skills to put your invention on paper. If you are unsure, the USPTO website is an ideal place to start your search. You will find the list of some of the most reputed and experienced patent attorneys and Patent Services USA.
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