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Time and Money
Patent applications cost a lot of money and take a lot of our time
and yours not only to prepare and file but also to prosecute (we
use the word "prosecute" to refer to the lengthy exchange
of communications with the Patent Office after the patent application
has been filed). For a typical simple invention, count on spending
at least $10,000 but more often at least $20,000 for the preparation
and filing of the first application in one country only, and add
typically more than an additional $5,000 in prosecution costs before
the application proceeds to grant or is abandoned. Elsewhere we mention
some strategies to lower the initial cost and stagger the total
cost over a few years: click on "Filing Strategies" and "Budget Managing" in the menu at left. If you want a patent in more than one
country, the expense escalates accordingly, although not as a simple
multiple of the cost of the first-filed application, and little
or none of that expense is payable until up to a year following
the first filing. Suppose, for example, that you have spent
$20,000 placing a complete patent application on file in the US.
Then the filing of a Canadian counterpart patent application might
cost less than $5,000; perhaps as little as $3,000. Click on "Foreign Filings" at left for information on international protection, including expected expense.
Count on a delay
of at least two years before you are granted even the first patent,
and accept the risk that you may never be granted a patent at all.
Accept the risk also that you may never make any money on your invention, even if you are granted a patent. A patent is no guarantee of commercial success. We've all read stories about the person whose simple idea was sold to a big company for millions, but such stories are extremely rare. More often, the inventor has a tough time marketing the product. Innovation requires good management, good marketing, and adequate financing to be successful, even if the basic technical idea is a sound one. Consider forming a business partnership or corporation with others who have complementary skills and experience.
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