Provisional Patents

Provisional Patents One route to entrepreneurship is by coming up with an invention. However, once the idea for a product or technology has been created, it must be protected so the owner can maintain the exclusive rights to manufacture or license the invention. This protection is usually obtained by obtaining a patent. A formal patent application can cost up to $7500 in patent attorney fees and be a time consuming process. Also, obtaining a patent does …

…entrepreneur is able to conduct a thorough analysis on the marketability and feasibility of the invention. The product can be shown to potential manufacturers or investors without having to worry about having their idea being stolen. Within the timeframe of a year, the entrepreneur should have obtained adequate information on how to proceed. With the worst case scenario being little or no interest in the product, the loss to the inventor is not very significant.