Upcoming IP Meetings
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Thursday, May 16, 2013: Inventors Association of Metropolitan Detroit (IAMD)Marty Sovis, CEO of Sovilok Industries will talk about his experiences as an inventor and entreprenuer.
6:30-9:00 M218 Management Building, Lawrence Tech University Campus
How to evaluate your invention
Evaluate Your Invention
Ninety-five percent of patents do not end up being profitable. As result of these statistics, it is very important to research the market worthiness of your invention. You need to ask yourself questions such as:
1. Does your product fill a need or desire that people are willing to pay for?
2. Are there other products out there that are similar?
3. Who will be your competition? Who will be your customers?
4. Do you want to start your own business and handle the manufacturing of your product? This is not an easy option, but you have a chance of success.
5. Or, do you want to sell or license the rights to your invention? Often times this licensing rights are not lucrative.
Join an Inventors Group
You may want to join an Inventors Group such as the Inventors' Association of Metropolitan Detroit (see above) to receive support from more experienced inventors.
These groups meet in person as an organization or may be online.
This type of group also offers educational programming, networking, may recommend manufacturers and attorneys, and may even help to evaluate your invention.
Research at a Local Business Library Collection
1. Catalogs, Directories and Websites can provide data on existing products and their profitability.
2. Demographic information can help you find potential customers.
3. Identify the stages of product development.
4. Find manufacturers.
5. Develop a business plan.
6. Locate sources of funding.
Other sources of Community Assistance
Seek out business counseling at an organization such as SCORE.
Network with other established businessman.
Make use of a business incubator such as Techtown.
And most important, never reveal your idea to anyone without having them sign a nondisclosure agreement!
A final note of wisdom from experienced inventors- If you don’t have money to sue a patent infringer, your patent is worthless.
Databases for Patents
- U.S.Patent and Trademark Office USPTO- United States Patent and Trademark Office (“PatFT”) offers full-text (including images) access to U.S. Patents from 1976 to present.
- Google Patent SearchGoogle Patents Search-Search Beta collection for the full-text. Google scanned patent documents from the United States Patent and Trademark Office.
Other Databases about Patent Process
- Engineering Village (Compendex) Engineering Village- EI Patent section has US Patent and Trademark Office and European Patent Office patent collection. Patents and scientific literature can be searched at the same time by cross searching other Engineering Village databases, such as Compendex.
- ScienceDirect
Science Direct(Elsevier)- This database has full-text content, including journal articles on patent
related topics. One example of a full-text journal is World Patent Information. - Business Source Complete+ Full-text scholarly journal articles on many subject areas. Search by "patent" and another descriptor to find articles on your subject area.
- LexisNexisLexis has a section on Patent Law that searches cases, journal articles, patent classifications, and international patent information.
- SciFinderSciFinder (CAS- a division of the American Chemical Society) - References from more than 10,000 currently published journals and patents from more than 61 patent authorities. Go to “How to explore by Journal or Patent” to narrow your search to Patents.
- SCOPUSScopus (Elsevier)- This abstract and citation database held by many academic libraries
has content representing five patent offices- (UK Intellectual Property Office, Japan Patent Office, European Patent Office, World Intellectual Property Office, and U.S. Patent and Trademark Office. - MedLineMedline (National Library of Health)- citations and/or full-text coverage of medical journals.
Excellent content on patents including analysis of medical/biomedical patents.
Sample Print and Ebooks at Lawrence Tech
This basic patent book is recommended by Patent Librarians and USPTO experts as a great
basic book to start with for all inventors.
Blogs and News
BREAKING NEWS!
Wayne State Law School to offer Pro-Bono Patent Procurement Program in conjunction with newly opened Detroit Satellite Patent Office!
Test your IP IQ!
1. Once you receive a patent on your product, you may renew the patent once.
False: You may not renew a patent.
2. A Plant Patent deals with manufacturing facility designs.
False: Plant Patents deal with asexually reproduced plants (hybrids, etc.) and are in effect for 20 years.
3. If you have not registered a copyright for your written work, you have no rights to protect it.
False: Your work is considered to be under copyright as soon as the work is finished, regardless of whether you register a copyright. A copyright registration is considered proof of authorship in court.
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