For any inventor, obtaining a patent is a significant milestone in protecting their intellectual property and reaping the benefits of their innovative creations. However, the journey to securing a patent can be lengthy, with an application undergoing a rigorous examination process. During this waiting period, often referred to as the “patent pending” period, inventors can take proactive steps to make the most of their pending patent. In this blog post, we will explore valuable activities that inventors can undertake while their patent is pending, as seen through the eyes of a trademark and patent lawyer.
By keeping detailed records of improvements, modifications, and additional features, inventors can build a robust portfolio of their invention’s evolution. Such documentation can prove vital in future patent applications, licensing negotiations, or litigation.
During the patent pending period, inventors can dedicate their time to conducting thorough market research. This involves analyzing potential competitors, identifying potential licensing or partnership opportunities, and understanding the market demand for their invention.
A well-researched market analysis can assist inventors in developing effective commercialization strategies and positioning their invention for success once the patent is granted.
While awaiting patent approval, inventors should take precautions to protect their intellectual property. Establishing confidentiality agreements or non-disclosure agreements (NDAs) with potential investors, manufacturers, or business partners can help maintain confidentiality and prevent unauthorized use or disclosure of the invention. These agreements create legal obligations and provide recourse in case of a breach, safeguarding the inventor’s rights.
Securing funding is often crucial to bringing an invention to market successfully. The patent pending period offers inventors an opportunity to explore various funding options, such as grants, venture capital, angel investors, or crowdfunding.
Investors and funding organizations may be more inclined to support inventors with pending patents as it demonstrates progress and potential future exclusivity. By actively pursuing funding during this period, inventors can strengthen their position and increase the likelihood of turning their invention into a commercial reality.
A well-crafted marketing strategy can play a pivotal role in the success of any invention. During the patent pending period, inventors can focus on developing a comprehensive marketing plan that outlines target audiences, competitive advantages, distribution channels, pricing, and promotional activities.
By thoroughly understanding the market landscape and consumer needs, inventors can position their invention effectively and create a strong brand identity, ready to be launched once the patent is granted.
The patent pending period presents inventors with a unique window of opportunity to engage in various activities that can enhance the value and marketability of their invention. Inventors can maximize their chances of success by documenting and refining their invention, conducting market research, establishing confidentiality agreements, exploring funding options, and building a marketing strategy.
Although the patent pending period may be filled with anticipation, inventors can utilize this time wisely to lay a solid foundation for their invention’s future. Remember, a patent is not just a piece of paper; it represents the culmination of an inventor’s creativity.
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"Michael Goltry is the most professional, honest and effective patent attorney whom I ever met in my 40 year professional engineering career. I started to work with him over 20 years ago and plan to work indefinitely."
"Mr. Goltry took a provisional patent that we'd filed ourselves, and quickly and professionally turned our innovation into U.S. and foreign applications. His [patent claims] were a thing of beauty, and I was amazed by how deftly he countered the inevitable office actions. His language held up, and the U.S. Patent just issued. He was easy and efficient to work with, and his fees were remarkably reasonable. We're not planning to go anywhere else, ever."
"I applied for a patent through Parsons & Goltry. After being on the docket for 2 years at the USPTO, I received notification that my patent request had been denied. Michael Goltry contacted me immediately to review my options. After I informed him of my decision to move forward, he filed a response to the USPTO. In his response he got the examiner to fully understand the claims in the patent application and the "denied" decision was reversed. I was able to secure and receive a "patent granted" decision. Thank you, Michael Goltry."
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