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Protect your invention with these tips to patent and profit successfully.
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If you've ever had a brilliant idea for an invention, you've probably wondered if you could get a patent and make some money from it. Here's how to go about it.
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For Saul Palder, frustration was the mother of invention.
"One day, I was making a big pot of soup," recalls Palder, 90, an accomplished home cook. "I like to give things away, so I went to the cupboard to find containers. It was a mess."
That mess gave rise to his big idea: a spinning organizer that holds 24 containers and 24 lids, which he would dub the Smart Spin. He quickly got to work creating a prototype at a nearby carpentry shop and applied for a patent, which he received in 2003. The entire process, from initial idea to patent, took just over 12 months.
"I went from bum to hero in one year," says Boston-based Palder, who launched Smart Spin in his late 70s. Once he found a company to license the product, he stepped back from manufacturing and marketing efforts. His invention went on to sell more than 7 million units for about $20 each. Inventors' royalties are usually between 3 and 7 percent of wholesale revenues.
Drawing Board
Protecting Your Million Dollar Trademark
John Calvert, executive director of the United Inventors Association, urges inventors to spend time thinking of a winning product name that sounds as unusual as "Google" or "Amazon" once did. "The more unique, the more it sticks in the mind," he says. Of course, a really effective product name may need protection from thieves. To protect a trademark, which can be a name or a logo, submit an application to the USPTO. Fees start at $225. If you're working with an attorney, then you'll also be on the hook for $2,000 to $3,000 of additional charges, Calvert estimates. Take note, however: You cannot register a trademark that you will not be using in the marketplace. Copyrights apply to forms of media such as music, photographs or moving pictures, and online filing fees start at $35.
First, do a search on Google Patents or the U.S. Patent and Trademark Office website (uspto.gov) to make sure the product you've dreamed up doesn't already exist. Once that hurdle is cleared, you can get down to the task of fleshing out your idea with detailed drawings and a prototype.
Creating a clear set of drawings forces you to get specific about how your invention will work. Michael Kondoudis, a patent attorney based in Washington, says clients often come to him with ideas, and he tells them to come back after they make some drawings. Otherwise, he says, "An idea is just an idea."
In addition to drawings, a prototype can prove your idea works in the real world. This doesn't have to mean spending a lot of money. John Pfanstiehl, 67, of Indian Rocks Beach, Fla., created ProGauge "after my sister bought a used car and it was really rusted through." Designed to help used-car buyers detect damage hidden beneath layers of paint, it soon became the fastest selling paint-thickness gauge in the world. Pfanstiehl made the first prototypes in his kitchen, molding parts with a frying pan.
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