Patents are usually misunderstood, if not misused. Also, these are thought to be the inventor’s stuff. Also, some people think of patent as a thing just for Edison and Tesla, and it requires a huge investment.
And we’re going to break this MYTH.
Ways to reduce patent costs
Consider filing a provisional patent first.
Yes, filing a provisional patent covers your priority date, requires less detail and is comparatively cheaper than the complete patent drafting and filing. .there are a cheaper alternative to a provisional patent. You just need to put a little effort in order to hire an affordable patent service provider. In case you’re unsure about your idea, filing a provisional patent is recommended.
In India, an applicant gets 12 months to file the complete patent specification. This, in turn, provides ample time to the inventor/applicant to develop the invention and arrange the required amount for the complete patent process.
One more advantage of getting 12 months time period is that inventor/applicant can utilize that time to gather multiple information like ROI, competitors etc, and accordingly decide whether to file the complete patent or not.
Approach budding Patent service providers
Before filing a patent one should always consider consulting an expert. With the exponential increase in innovation, there has been an increase in patent service providers as well.
When it comes to select a patent service provider for someone frugal, it is advised to approach a budding IP law firm or an individual patent attorney. The reason is simple, a budding IP law firm requires traction in the market and look for mouth-to-mouth advertising.
However, bigger and established IP firms come with their own advantages.
File your own Patent
A lot of people may not know that the inventor can file his/her own patent. India Patent act provides a provision under which you can file your own patent. Unknown to many, this is really an effective way to reduce patent cost. It requires a little bit of research and drafting skill.
Again, professional patent attorneys come with their own advantage.
Conclusion
Filing for a patent doesn’t have to be expensive. It is well within your budget. Just know your invention well and choose a patent filing process which is less risky and suits your pocket.
And you’re good to go!
If you need help with applying for a patent and you’re tight on budget, let Patent Panacea handle it.
