Have An Idea You Need To Patent And Fund? What To Know

If you have been sitting on an idea about a new product or invention and you want to take action, the first thing you want to do is take care of your idea or your investment. You want to be sure that you are the only one that has this idea in mind, and that no one decides to launch into action before you do. Here are some of the professionals that you want to get help from, so you can put your ideas into motion.

Legal Patent Attorney

You want to go to see a legal patent attorney. This is a professional that will file for the patent of your idea, so that no one else can claim the idea as their own, and no one else can try to profit off of your idea. The lawyer will go over all of your thoughts, how you came up with the idea, what the product will do and more, and then you will wait for the patent to get approved. The lawyer will have to determine that there isn't another patent just like that or similar already in the system.

Patent Strategist

Next, meet with a patent strategist to go over the details of your idea and what it will take to put the patent into motion. Here are some of the things to consider:

  • Materials
  • Production location
  • Staff
  • Machinery
  • Costs
  • Insurance

These are just some of the things that you want to consider, and look into with the strategist. You want to have a solid business plan, because you have to take this plan to get financed or people to buy into the product.

Funding Professional

After you have a business plan and the patent approved you have to get funding. If you can't support the idea on your own financially, you will have to get money from the bank, or you have to find a team of investors. Explore both options to see which option is the best in the long term.

If you have an idea for an invention and you think that if you don't do something someone else will steal your idea, there are some things to take into consideration. You want to know how much money you can get to invest in the idea that you have, and then how profitable the idea could end up being in the future when it's marketed and sold.