I'm begging you ... don't patent your idea on day 1!
It still amazes me how many people think the first step to launching a product and starting a business is filing a patent. On one hand, its understandable -- protect your idea before someone else steals it. On the other hand (the smarter, more seasoned hand), it's absolutely ridiculous and is a major source for failure of new products.
- 3% of all patents filed ever go on to make any money.
- 95% of new products launched fail.
Not fun stats to look at for too long, and you can argue with the numbers a little bit, but the takeaway is that the odds are against you. That the challenge is finding a product that people are willing to pay for, that solves a meaningful problem. But when you do find that product, a great business is on the horizon.
So why am I begging you to not patent your idea on day 1?
Because in the great majority of cases, the idea you patent on day 1 will quickly be proven unwanted, or will undergo massive reconstructive surgery before it becomes a winner. Said differently, you just spent anywhere from $5,000 - $20,000 (depending on the lawyer and how much work you do personally) for something that is absolutely, positively worthless.
So, please, stop filing patents on day 1. I don't care how good your idea is, don't do it. And I'm not suggesting that protecting your idea isn't important. In fact, I think it is. Some people feel that your best path is to just go to market, and if someone rips you off, well, be happy because you probably made some money in the process.
I don't buy that as a smart strategy.
Instead, here is what you should do:
1. File a provisional patent application. There are plenty of DIY books that will show you how to do this. And you can always pass it off to your lawyer last minute to check it out. Best part is, it will only cost you a couple hundred bucks, all said and done. I'll do a post on PPAs sometime.
2. The biggest pain of the whole thing, for me, was learning how to file the patents. The forms, the sites, etc. I put together an ebook to show you how to file provisional patents (I'll send it to you free for reading this blog) with screenshots. I filed my last one in 5 minutes (the filing part).
3. OK, OK. I'm not a lawyer. In fact, I probably shouldn't be giving legal advice. So go talk to your attorney, there are cases where you should file regular patent right off the bat, but in many cases, it's a terrible idea. A great idea for your lawyer (sorry, it's the truth), but often times, not for you.
Find yourself a market, then invest. There are plenty of better ways to spend $5,000 - $20,000 -- I promise you!