An invention is one of the things that a person should save it by their name. Do you think what will be the other benefits with the provisional patent? Continue reading this blog to get to know more.
Product Protection: By filing a provisional patent application, applicants can protect themselves from losing money in the event that another manufacturer or inventor attempts to produce a similar product. A provisional patent application is an excellent option when it comes to marketing new items.
Reduced Cost: A provisional patent application is known for its low cost when compared with a traditional patent application. Unlike expensive lawyer fees, they are easy to construct on your own. In addition, filing fees range from $65 to 280 per document.
Patent Pending: Using the term “patent-pending” for a product is perhaps the most sought-after benefit of filing a provisional patent application. The legitimacy of a product stamped with this term is likely to make it more successful on the market, since it is backed up by a patent.
Time to Develop: As inventors have twelve months between filing a provisional patent application and filing a nonprovisional patent application, they have more time to develop their product before filing for a traditional patent. You can use this time to market, raise funds, or even fully develop your product.
First to Market: New products usually do well in terms of profit and likeability when they are the first items on the market. Inventors file provisional patents to protect their right to be the first to market. They are therefore more likely to be successful and profitable with their products.
Investors: You can learn all the details about a new product from a well-written provisional patent application. New companies can be more attractive to investors if they feel more comfortable giving their capital out.
Apply for a provisional patent with our help
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Applications for provisional patents and their costs
It is much less expensive to file a provisional patent application than a traditional patent application, which makes them very attractive to inventors. The process can be smoothed out by patent lawyers, but they are not always necessary to draft a good application. Inventors often create their own applications to save money on marketing, product development, or even formal patent applications.
When drafting a provisional patent application, applicants should plan for the following costs:
Lawyer fees (if applicable)
Time spent doing research
Benefits of Provisional Patent Applications
The provisional patent application provides specific benefits to inventors. Their value lies in preventing others from stealing inventors’ work. Additionally, they allow for the filing of a legally-binding patent within 12 months after the provisional filing date. As a result, provisional patent applications were created specifically for inventors’ benefit.