What does it take to successfully turn a patent idea into a marketable product? There are 6 key pieces of patent information you will need to succeed. Each part plays an important role. If you miss one, the results can be disastrous.
A patent idea can strike at anytime and anyplace. Alexander Fleming, discovered a mold on some Petri dishes he was throwing away which lead to the discovery of penicillin. Frederick Kekule, found the chemical structure of benzene when he had a dream of a snake coiled and biting its own tail. Eleven year old Frank Epperson, left a stirring stick in a soda on the porch overnight and woke up to a frozen "Popsicle" that he patented and developed 18 years later.
A Patent Crazy World
Patenting is increasing around the globe; in business, universities, and individual patent holders. According to the U.S. Patent and Trademark Office, the number of patents filed in the U.S. increased from 186,507 in 1992 to 406,302 in 2005. IBM set the record in 2003 as having the most patents filed in a single year; 3,415 U.S. patents. In this growing competitive environment, what patent information do you need to succeed?
Your Patent Information Plan
1. Begin a Patent Search: After you have been struck with an inspiring patent idea, you will need to complete a patent search. Begin your patent information search at our About.com Small Business Patent & Trademark Resource Center. Here you will find helpful links to patent offices including the U.S. Patent and Trademark Office, and the U.K., European, Australian, and Canadian Patent Offices.
Don't be discouraged if a similar idea is patented. It means there could be an existing market for your product. Lizzie Magie patented "The Landlord Game" in 1904. Charles Darrow played the game and improved it with a new version called "Monopoly."
Once you have completed a preliminary patent information search bring in professional searchers to take an in-depth look of all existing research resources and tools. Visit About.com Inventor Guide, Mary Bellis's site for Professional Patent Searchers.
2. Don't Forget Market Research: It's easy to get carried away with the excitement of creating a patent idea. Common sense can fall by the wayside. Don't allow your passion to block out the realities of the market place unless you want to join Totallyabsurd.com club for America's Goofiest Patents. Actual absurd patents include the wearable dog house, toilet timer, knee skates, and the life expectancy watch.
A critical piece of patent information often overlooked is market research. You must find out who is the best target market for your patent idea. It doesn't matter how great your friends and family think your invention is. The market is cold and heartless. The consumer decides whether your have a winner or loser. The next stage of the patent information puzzle can help gauge the potential response of your target market.
