We have all had those last minute epiphanies before falling asleep, some so grand they’re even written down. By morning you either assume it was just some sort of baseless dream or have forgotten about it all together. The truth of the matter is, most of these ideas can be marketed and sold.
Jay Short, from Innovative Design, explains below why you should patent right away:
“Get a skilled intellectual property (IP) professional involved as early as possible,” he suggests. “You need to have formalized protection in place before coming close to the market, because there’s always a risk that a more nimble operator could rush out a copy of your idea and gain a first-mover advantage.”
But Mike Bucci, author of “An Entrepreneur’s Guide to Turning Your Idea Into Your Future” goes on to state this valuable piece of information:
“Most inventors are very afraid that someone will steal their idea, but for the most part companies who knock-off products don’t steal ideas, they steal successful merchandise. They let the market work out which inventions are successful and generally don’t take the risk with things that haven’t been tested.”
Although he does agree that getting your provisional patent application in early is still pretty important when securing your IP.
Starting out with a small production run can give you a better understanding of how marketable your product really is as well as providing great feedback from actual buyers. A smaller production is less of a risk and gives you a better understanding of which direction to take your marketing.
What other insights can you offer for getting your invention on the market?