Individuals or businesses that have created a product may wish to file for patent protection on their inventions. A patent allows the creator of a product exclusive rights to make money from the exploitation of that intellectual property. While it may not be possible to get full patent protection on every idea, having even partial protection may be worthwhile when trying to attract investors.
Ideally, the patent process begins as soon as an idea goes from the idea stage to the development stage. Although the process of obtaining a patent may seem hard, it is possible to outsource some of the work to a third party that can help the creator of a product determine which type of patent to file for and give general advice as to how to proceed in obtaining the patent.
When applying for a patent, it is a good idea to offer as much detail as possible as to what has been created and how it is unique. A highly detailed patent application may have the chance of being approved faster. In addition to getting a patent for a product, it may be worthwhile to build a working prototype. Doing so gives an inventor the ability to negotiate higher royalty rates once the product hits the open market.
Inventors or other individuals who have come up with an idea that they would like to obtain patent protection for may wish to talk to an attorney who can provide advice and guidance throughout the patent process. This may increase the odds of the patent being granted. Having legal counsel may also allow an inventor to get the application approved in a timely manner and thus allow it to be licensed or otherwise exploited.
Source Business 2 Community, “Knowing When and How to Patent a Product Idea”, Tracy Watson, June 5, 2014