Entrepreneurship Lessons for Success (Collection)

Truth 34. To patent or not to patent?

When it comes to inventing a product, like the new type of fire alarm described in Truth 33, “Intellectual property: What is it, and how is it protected?” the first thing you should do is get a patent, right? Well, maybe. Getting a patent is an expensive and time-consuming process. As a result, while there are many good reasons for getting a patent, there are several steps you should take before hiring a patent attorney and starting the process.

Steps to take before applying for a patent

First, as discussed in Truth 9, “Screening and testing business ideas,” you should test and screen your business idea to make sure it has value in the marketplace. A common mistake that business owners make ...