Tips to Entrepreneurs- How to secure a Technology Patent

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Tips to Entrepreneurs- How to secure a Technology Patent

How to secure a Technology Patent- Starting a technology business or a new tech product without a patent can be a harmful affair. It can lead to people copying your idea and making profits which you should have earned. It’s like burning a hole in your pockets. You plan to protect what is rightfully yours. You can’t let other people benefit from your technical findings. It’s your exclusive right to use it and you should not let it become universal. If you let it become universal, you are at loss at the end of the day. Being an entrepreneur, you just can’t let any other person from the industry gain from it. You have an unambiguous right to it. So filing for a patent registration for the technology is what seems the best thing to do. At this point in time it seems as if there is not too much of need for patents but it seems that in the near future when India will become a tech-friendly nation, it will come into play. The following is all you need to know about filing technology patents: the problems, the regulations, and the roadmap.

Fees

The fee needed to be paid during the filing of the patent is INR 1600. If the entrepreneur wants to publish the application early, then s/he will have to pay a sum of INR 2500. The next is a mandatory examination fee which is equivalent to INR 4100. Adding to that, if the company hires an agent, it will have to pay for his fees as well which varies from agent to agent.

Time

It takes a long duration of time to secure a patent. It can span up to 4-5 years.

Government Departments

There are only 4 patent offices in India i.e. in Delhi, Mumbai, Kolkata, and Chennai.

Tips for entrepreneurs:

  1. Determine the marketability of your patent

The first step is to determine if the people are interested in your product. Since the process of filing a patent registration is long and costly, you need to know if the people are interested in your product. You should conduct a market research and make a SWOT analysis of your product. If you think the product is profitable, then only go for registering for the patent. Mostly the patenting of the technology leads to profit but you still have to analyze the market and the behavior of customers. Also, you should not publically disclose the technology before patenting it.

  1. Record the details of your invention properly

You should explain the invention in a detailed and presentable manner. You should not miss out on any of the minutest details of your product. Write it all, along with any drawings, flow charts and guide or instruction manual, in a lab notebook before presenting it. Also, before showing your documents to even your seniors you should make them sign a Non-Disclosure Agreement. It is risky to show anyone your document without the Non-Disclosure Agreement.

  1. Act quickly

One thing you need to do is act quickly, for news spreads very quickly in the market. You will not want to be late with regard to this. Any entrepreneur should be highly motivated for filing for the patent as soon as possible. You should decide whether you really want to file a patent or not. To protect your patent, you have to buckle up and do all that fast. If you lag behind anywhere, the person competing with you might strike the gold and you might be left with empty hands.

  1. Respond to objections

Most of the times you will receive objections during the process of filing of a patent registration . You should be ready to answer to each one of them. You can also clear all your doubts with patent professionals, for you don’t want to get you patent granted after a long time. Hiring a patent agent can be of a lot of help to tackle such objections. You need to clear air about all the stuff that is being said to you for your patent. You should be able to prove that your invention is patentable and genuine.

  1. Be ready to face the legal regulations

Before you file the patent, you should learn to be patient as securing a patent takes a few years sometimes. Any entrepreneur will face numerous legal regulations. In fact, there will be an avalanche of those. For any budding entrepreneur, it will be a hectic procedure and it will suck you from inside but all you need to do is wait. Seems easy but is pretty hard as you need to spend your time and energy on it. You need to tackle the silent storm well. That’s the key.

This is how you can secure a patent. INVEN

By | 2017-04-03T09:17:02+00:00 April 3rd, 2017|Accounting, home loan, Loan, MSME, Tax Savings|Comments Off on Tips to Entrepreneurs- How to secure a Technology Patent

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