All entrepreneurs should patent their products. Patenting can be a worthwhile investment for individuals or business entities. The trademark will ensure legal claim over the name, logo, and product itself as your company’s intellectual property. However, a patent can provide protection over business process, manufacturing process, products and inventions. This protection does not come without a price. Here is a breakdown of how much your patent will cost you.
Determine What Type Of Patents You Need
There are several types of patents which come at different prices. Design patents protect the physical appearance of a specific item. Utility patents protect a specific machine, process, or system. These have to be more in depth than simple productivity hacks. On the other hand, a provisional patent allows you to have a temporary patent over the whole product. Determining what type of patents best suit your product is the first step in figuring out how much your patent will cost.
Design Patent Costs
A design patent is useful in protecting the physical appearance of your product. It protects your product’s look, shape, and overall aesthetic. A design patent costs about $3,000 and will last 15 years from the original filing date. The United States Patent and Trademark Office (USPTO) takes fees for the filing, searching, and examination of your patent. The bulk of the money goes to a patent lawyer and maintenance of your patent. However, you must be sure your product’s design is sound, because the patent is only good for the specific design you file for. If your product’s design is innovative, original, and complete, you may want to consider filing for a design patent.
Utility Patent Costs
A utility patent is useful for you if you created a functional product. A utility patent costs at least $5,000 and will last you 20 years from the original filing date. A utility patent is a much more extensive process than obtaining a design patent. Therefore, the USPTO and lawyers ask for relatively more money when it comes to a utility patent. This type of patent must include a description of how your product works. Therefore, you should only consider a utility patent once your product is complete.
Provisional Patent Costs
A provisional patent is temporary and may go along with a utility patent. This allows you to write “Patent Pending” on your product’s model. A provisional patent is relatively cheap at about $2,000. Or, you could do it yourself for even less. However, it only lasts for 12 months. You should consider a provisional patent if your product is still in its experimentation mode and you are tweaking certain aspects of it.
Combination Of Patents
Even though the costs add up, you may need a combination of the different patents. For example, you may want to have a non-provisional patent to start. This way, you can legally protect your rights while still working towards your finished product or business process improvement. Once you have a complete product, you can file for a utility patent. Ensure that you have legal claim of the intellectual property of your products by registering it for the right patents at the right times. It may be costly, but it is a worthwhile investment to make sure your business’s product is protected.
Patenting your product may be a costly process, but it can be a worthwhile investment. Patents give your business claim over specific intellectual property. Knowing which patents are the best ones for you will give your business an edge when it comes to your product’s protection. Be ahead of the game by determining how much your patent will cost your business before you set up an application for it.