Inventors – A new field that is growing ever more popular, but it’s still really hard to make a living from. Inventors don’t often know how to protect their idea and find the right team of lawyers who can help them with this. Many inventors tend to put these things off because they feel intimidated by the legal process, but there are many ways they can do things on their own, which will save them time, stress, and perhaps capital. Below are eight great tips for inventors from your friendly neighborhood lawyers from Parker Waichman.
1. Draft up the Patent First
Basically, this means that one must first create a draft of their patent, then put it down on paper. The main reason for this is because it’s more challenging if they do start this later on. This will show them where they are going with the process. Secondly, it’ll help them identify potential problems before they happen. This also means that they know the reasoning behind what they are proposing to patent to others. Provided they already have an idea of the patent, they can do this on their own. They don’t need to hire a lawyer, so they’ll save more time that way.
2. Do Research
Most people believe that they can call their lawyer, and then they’ll be on their way. But for one thing, it’s better to know as opposed to not knowing. Secondly, this will save them a lot of stress and time, which is more valuable than money at the end of the day. Third, there’s always the chance that the attorney will give them some advice that they can use on their own. This is helpful because it will teach them how to proceed through the process. Fourth, what they don’t know can hurt them. There are a lot of things they might not be aware of, and if they do, it might blow their chances for success.
3. Gather Passion as an Inventor
When other people are asked what their profession is all about, they’ll answer with words like “pursuing passion” or “creating something unique.” What makes inventor different? What do they like to do? It’s important to know because one needs to make sure that their lawyer can work with them. Lawyer needs to be very passionate about what they do. And the best way to think of this is if there were no laws against it. If there were no laws against it, could your lawyer still be an inventor?
4. Be Realistic
Unfortunately, not every invention is going to be worth millions. Maybe one idea is very valuable, but there will always be ideas that are not worth it. It’s important to think about the process and see if they are worth their time and money before going ahead with it. If one wants to spend their time doing it and it is not worth it, they will need to think about making a different choice. This means that they will need to think about what they want and the risks involved. They need to try to think like a business person when it comes to this. This will help them decide whether something will be worth their time and effort.
5. Utilize the Significance of an Internet Search
The Internet has a lot of advice that one can get for free. There are also a lot of big companies that will give them advice if it is worth it for them. The point is, a lot of good information is out there, and it’s better to take advantage of all the available information. If the information is good, it will be easier for them to do business out of it. The lawyer can be part of that team, too, even if they are doing it independently. Another good thing about this is that they can search for other ideas just like theirs. This way, they know what to expect if their idea isn’t necessarily the best. There are other inventors out there who are just like them.
6. Get Organized
Many inventors tend to lose track of time, and they still think about their invention when they’re in bed at night. One way to do this is by having a journal or making some notes about what they’ve done recently. They need to be organized just in case they have a great idea that will come up later. It’s also important to get organized because it will help them out when trying to contact their lawyer. They might be looking for something that they wrote down, but they won’t be able to find it if it’s not in order.
7. Always Set a Budget
One also needs to know how much they can afford. It’s important for them to constantly update their budget to be sure that they have the money when the time comes. If the project takes a lot of money, it might be a good idea to raise some capital via a business loan or even crowdfunding which is becoming more and more popular. They should only do this if they feel that their product has a good chance of getting lots of sales. It’s not worth it if they’re going to lose most of what they have. At the same time, they’ll want to have enough money to reward themselves should their project become a success.
8. Document Everything
One should always document everything that they are doing. They’ll want to make sure that they have proof of when they started working on the project or had an idea for it. If their lawyer asks them to do something, they need to follow through. This will make it easier if one decides to take legal action against someone for plagiarizing their product. If one can do this, it will make the whole process go much smoother. It might even save them a lot of money in the long run. If nothing else, they’ll know that it’s their product even if someone else is working on something similar.
Some people think that this is a complicated process, but it’s not. One needs to know what they are doing and should have the right team of lawyers behind them. If one does everything stated above, they will have a much easier time working with their lawyer. It will be smooth sailing for them.