Getting even a simple patent approved—a process known as prosecuting a patent application—can cost up to $10,000 domestically and $100,000 or more for worldwide rights (InventionStatistics.com).
For most people, hiring a patent attorney or intellectual property (IP) professional to file even one patent is prohibitively expensive. Many inventors have multiple ideas but can’t afford to patent each one. As a result, millions of innovative ideas never see the light of day—or worse, are later brought to market by someone else who has the resources to protect and commercialize them.
The High Cost of Inaction
Millions of people with great ideas never realize any benefit from their inventions simply because they lack the knowledge, resources, or guidance to bring their ideas to market.
Think about it:
- How many times have you had a brilliant product idea but did nothing because you didn’t know what to do next—or couldn’t afford the process?
- How many times have you mentioned an idea only to see it later come to market through someone else?
You need to understand how to protect and commercialize your ideas if you want to avoid losing them.
Why Small Companies Need IP Education Too
It’s not just independent inventors who need to be informed. Many small companies spend large sums protecting new products, sometimes at the expense of their business strategy.
“Simply filing patents can be a costly and time-consuming process, making it imperative for small companies to be selective about what patents they file.” — InventionStatistics.com
By training employees to handle parts of the patent process, small companies can save thousands of dollars while improving efficiency and reducing reliance on high-priced attorneys.
Key Questions Every Inventor Should Ask
Before investing in a patent, consider:
- Should I even bother filing a patent?
- What are the chances I will need to defend my patent?
- If I need to defend my patent, will I be successful?
- If I need to defend my patent, can I afford the legal fees against a large competitor?
- Should I prioritize getting my product to market first and invest in marketing, advertising, and fulfillment?
These questions can be answered by taking quality online or in-person courses on intellectual property.
Benefits of Educating Yourself on IP
Educating yourself on patents and intellectual property can help you:
- Avoid scams and charlatans
- Choose competent IP professionals
- Make your patent attorney more efficient
- Do much of the work yourself and save money, especially with multiple inventions
- Gain confidence in navigating the patent process
“Simply filing patents can be a costly and time-consuming process, making it imperative for small companies to be selective about what patents they file.” — Roger Brown, EdisonNation.com
Are Invention Submission Companies Safe?
Some invention submission companies can help inventors without time, money, or resources. However, others are predatory:
“Some companies claim that after a review process, you give up all IP rights and receive only minimal royalties. Many inventors don’t see real returns.” — G. Williams, EdisonNation.com
The educated inventor knows how to avoid scams and select reputable companies.
“It is sadly true that there are a lot of fraudulent operators in the invention and patent market, but one of the operators that I have had my eye on for some time is not a true invention promotion or scam company, but rather a patent attorney who gives all of the rest of us a bad name.” — Gene Quinn, IPWatchdog.com
The Importance of Accessible IP Education
Unfortunately, affordable and comprehensive IP education is rare, with most programs regionally based. General Inventions is one example of a web-based company offering global access. They provide workshops where inventors work directly on their projects (including patent applications) under the supervision of experienced IP professionals. Classes are available in 9 languages and counting.
Equip Yourself to Succeed
Too many talented inventors, innovators, and entrepreneurs rush toward success only to face disillusionment because they aren’t properly prepared for the challenges along the way.
Investing in quality, affordable IP education can help you avoid pitfalls, protect your ideas, and increase your chances of success. Don’t leave your invention’s future to chance.
