How to conclude if you need to patent your idea?

Being an entrepreneur you might be full of ideas, hoping to cash in on it. At the same time, if you are planning to launch any new product you might well be aware of the need to protect your intellectual property or to patent it.

However, not all of the patented products might make it to the market or go on to earn you the money you dreamed off. So, before you rush off to the market to file for a patent on that idea you have, why not consider if it would be a viable business opportunity? You might have to take into consideration a few things first, as given below:

How market research services can help?

First, begin by understanding your product. You would need to have an insight of your target market, the industry trends and buying preferences or purchase habits of your target customers, the performance and marketing strategies of your competitors etc.

For this purpose you can get help from professional market research companies, who can give you in-depth insights and report analysis based on which you can decide if to launch your product, how and when, the marketing strategies to follow etc.

Market or product research services normally offered includes:

• Market entry reports
• Market size and segmentation reports
• Market feasibility and trends
• Market research surveys
• Customer analysis/ consumer behavior
• Risk analysis
• Industry reports and overview
• Competitor/ opportunity analysis and overview
• Brand research
• Analysis of the Data and surveys
• Information and overview of key player in the industry
• Product research inclusive of SKUs, Pricing, Technical Specifications, Design etc.

Once you have found your product or idea to be a viable option, you can consider the idea of patenting it, so as to protect your intellectual property from theft.

What does patent research service do?

Next, you would need to understand what a patent is. It could be a design patent, a utility patent or a plant patent. Understand which works for your business idea the best or if you need a patent. Understand how it would benefit you. Now, the entire process could be time consuming and a costly matter, so you would need to see that the advantages of patent research service outweigh its drawbacks.

Before you patent your idea, you can also do proper patent research to ensure that your idea is not infringing on someone else’s intellectual property in anyway. The patent research services that you could seek, includes:

·         Right to use/ Freedom to operate

• Patentability search
• State of the Art / Novelty search
• Invalidity / Infringement
• Licensee identification
• Validity of the patent
• Determining the owner of the patent
• New patenting opportunities

Key Takeaway: Thus, you can see here how with a thorough analysis based on proper market/ product research and patent research services, you can ensure if your idea or product is a viable option to bring in profit and if it is worth patenting it to ensure your business success. 

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