Baton Rouge The Business Side

Don’t forget a business plan while seeking patent protection

1611-business-patent-successMost inventors hope to either actively participate in the commercialization of their invention or license the invention so they may receive a royalty for such commercialization efforts. Working with a patent attorney to seek patent protection is only a portion of the typical patent based business. Although each invention is unique, the business and patent challenges inventors face tend to recur. The illustration above is to reinforce the importance of developing and implementing a business plan. (Please note that it may be highly ill-advised to seek commercialization of an invention or engage in other activities relating to the invention without a full understanding of how that might impact potential patent rights. A qualified Baton Rouge patent attorney should be able to provide information about how to protect/not lose potential patent rights.)

Most people would be quite pleased with the combination of business success and success in the pursuit of a patent grant. Conversely, failure in both areas would be the worst situation. However, it is illustrative that when faced with the choice between business success and patent success most people would prefer business success. The illustration is to emphasize that pursuing patent protection is only part of a good business plan, it is not in and of itself a business plan.

For many people once a patent application is filed, it is time to put their business plan to the test. Doing so can provide a huge benefit because as a person gains information about the marketability and potential profitability of their invention they are gathering the information needed to decide on whether to continue the pursuit of patent rights and how aggressively to pursue those patent rights.