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What Is A Provisional Patent?

A provisional patent can be a good first step in commercializing an idea. A provisional patent application is a legal document filed with the United States Patent and Trademark Office (USPTO) that establishes an early filing date for an invention. It allows inventors to secure a priority date while they continue to develop their invention or refine its details before filing a non-provisional patent application. A provisional patent application does not itself result in the granting of a patent but provides the inventor with a one-year period of “patent pending” status during which they can further develop the invention and decide whether to pursue a full patent. This type of application requires a detailed description of the invention, including any drawings or diagrams necessary to understand it. Now a patent, whether it is a provisional or a nonprovisional, is not the sole answer in making money on an invention. A patent is only as good as the business plan behind it. If you don’t have a business plan, the patent isn’t going to likely be worth much.

Executing a license agreement 

The first and most common business plan for independent investors is finding a larger party who will license the invention.  Executing a license agreement with a larger party is important to do correctly.  There are many pitfalls which an inventor can step into while pursuing a license agreement.  If you do it wrong, the inventor can end up with very little to show for it.  An example of something going wrong in the licensing process is if an inventor was to agree to a license where they simply get paid a royalty in return for an exclusive license.  The licensee in such a situation could turn around and simply shelf the idea.  If there are no teeth in the agreement to ensure some minimums, the licensee can take such action with no consequences. 

Manufacture and market the invention

Another frequently employed business strategy among independent inventors involves the manufacturing and marketing of their inventions. While this approach can potentially yield substantial returns, it often entails significant complexities and expenses, particularly as sales volumes escalate. In many cases, it proves advantageous for inventors to commence production on a small scale initially, serving to gauge market demand and establish a foundational track record of success. This gradual approach allows inventors to mitigate risks and refine their strategies as they navigate the intricacies of bringing their inventions to market. As they gradually expand their operations, they can adapt to evolving market dynamics and fine-tune their production and marketing processes to optimize efficiency and profitability. Through diligent market research and strategic decision-making, inventors can position themselves for long-term success in the competitive landscape of product manufacturing and marketing.

Conclusion

For more information on provisional patent applications and all of our patent law services, click here

We at Fargo Patent and Business Law have experience running businesses and understand business.  This unique trait can help bridge the gap between the needs of business and the demands of the legal system.  If you have a question, please don’t hesitate to reach out.

Tom Kading

North Dakota

Tom is a skilled North Dakota patent attorney. He works with clients on legal matters including patents, trademarks, business contracts, business formation, and more. If you are in need of a North Dakota business attorney, contact Fargo Patent & Business Law today.