3 Success Steps, Business Concept

In the last six weeks, as in the last four decades, I have attended intellectual property (IP) and patent litigation conferences across the country and around the world. Many advanced topics for IP/patent lawyers are discussed in detail at these conferences. I often present on such topics myself. But as in many fields, it’s the basics that lead to success.

3 simple steps for patent profits

Here are three simple steps to patent success:

  1. Invent something useful;
  2. Prepare and file a patent application; and
  3. Make and sell the new, improved product for market leadership, revenues and margins.

Yes, that’s the right order: First invent, then file for patent, then make and sell.

Repeat.

3 benefits of patent success

By following the three steps listed above, you’ll soon have (or keep) the three benefits of patent success:

  • The No. 1 position in your industry;
  • A portfolio of industry-dominating patents; and
  • An enviable bottom line.

This is true for companies large and small.

4 indicators for patent success

Here are four positive indicators for patent success:

  • Who: You’re inventing in your field—in your industry—so you know the state of the art and the needs of customers;
  • What: You’re patenting inventions that are directly in your line of business—not going off on tangents that you think might be of interest to “someone”;
  • Why: You’re filing for patent because you intend to practice the invention, that is, to make and sell the new, improved product; and
  • When: You’ve made a prototype or “proof of concept,” and you’re getting ready to launch the product into the marketplace.

For more, see my series on the 4W’s of Patent: Who, What, Why and When.

If the 4 W’s describe you, you’re probably ready for patent, yet, ironically, you are less likely than the average layperson to file for one.

Act now for patent success

Don’t commit the inventor’s biggest mistake. Pick up the phone and call your patent attorney now.