People sometimes believe that upon receiving a patent approval, financial success is more or less assured. This is usually not the case. Rather, obtaining patent protection is just one part of the bigger picture of bringing your product or service to market.
Once you have your patent application filed, or have obtained a patent, you still have the hard work of commercializing your invention. This often includes setting up a business, researching the market, building prototypes, preparing a business plan including how best to bring the product to market, and myriad other details. Raising financing is another important step – and can include finding an investor or investors who will be willing to support your idea and provide the necessary funds to bring your product to life and get it into customers’ hands.
The process of seeking and obtaining patent approval is most often done in parallel with that of establishing a business and commercialization activities.
Understand the process
A patent is important, of course. It’s one of the key building blocks of your business plan. But it’s only one part of an integrated plan to get your business off the ground and/or launch your product in the marketplace. For more information about getting a patent and how to secure legal protection for your important idea(s), contact an experienced intellectual property attorney who can help protect your rights and steer you in the right direction.