Inventors Mateo and Jennifer learn the importance of a quality patent application in Episode 7 of my video series “How An Ordinary Inventor Can Turn Into A Millionaire (The Hero’s Journey)” (which is available ONLY on YouTube)!
Have you seen the headlines about Elizabeth Holmes, the founder of Theranos, and her fraud conviction?
Are you worried that something similar could happen to you?
Theranos had over 200 patents, and yet the company still collapsed.
Read on to learn how to avoid a similar fate when pursuing your own patent.
I can assure you that there is no need to worry; as long as you take the right precautions.
Pursuing a patent is a complex process, but it’s one that can be navigated successfully as long as you remember to keep the following things in mind.
Remember That a Patent Is Not a License to Print Money
The first thing you need to understand is that a patent is not a license to print money. Just because you have a patent doesn’t mean that your product is automatically going to be a success. In fact, many products with patents fail; it’s just a fact of life. The key is to make sure that your product is actually good enough to succeed in the marketplace, regardless of whether or not it has a patent.
Don’t Cut Corners During the Process
The second thing you need to keep in mind is that you shouldn’t cut corners during the patent process. The reason that Theranos got into trouble was because they cut corners in their research and development process; if they had taken the time to do things properly, they might still be around today.
You need to make sure that you don’t make any shortcuts while putting together your patent application. This means taking the time to do thorough research and making sure that your claims are accurate.
Get Professional Help
Finally, you should get professional help when preparing your patent application. While it is possible to do it yourself, chances are you’re not going to have the same level of success as someone who does this for a living. There are so many different moving parts to a patent application, and it’s easy to make mistakes if you’re not familiar with the process.
Pursuing a patent can be a daunting task, but it’s one that’s well worth undertaking if you have a truly innovative product. Just remember that a patent is not a license to print money, don’t cut corners during the process, and get professional help when putting together your application. Do all of those things, and you’ll be well on your way to joining the ranks of successful inventors everywhere.
BACK TO OUR VIDEO SERIES:
In this episode, our inventors Mateo and Jennifer learn the importance of all aspects of a patent application.
Follow their journey as we worked with Mateo and Jennifer to prepare a patent application for their completely enabled invention that met all the requirements.
Click to watch Episode 7 now!
Whether you’re just starting out or you’re an established business, I can help you turn your ideas into profits. And not only that, but I can also help keep others from stealing your ideas and profiting from them.
If you’re feeling like your intellectual property isn’t fully protected, I encourage you to schedule a free consultation with me. We can brainstorm about your specific situation and make sure you’re taking the necessary steps to protect yourself and your business; so that you can turn YOUR ideas into huge profits.
To get a spot on my calendar, please visit our contact page.