How to Turn a Good Idea into Tradable Intellectual Property for $100

Many inventors avoid the opportunity of exposing their inventions at their first business encounters mistakenly thinking that the only way of protecting their idea from being stolen is by patenting it, and that of course, is a costly and timely process. The purpose of this article to explain how inventors can dramatically improve their negotiating starting point as they approach investors by obtaining two fundamental, and very affordable, documents.


The first step is to check whether your invention is capable of meeting the patentability criteria. Begin with your own search; look for a similar product using conventional search engines. In most cases you’ll find out that some brisk manufacturer, somewhere on earth, recognizing the same need as you did and already marketed your idea. Be sure not to ‘love your idea’, as brilliant as it may be, the chances of finding it at this stage are high. Inventors who ‘fall in-love’ with their inventions tend to perform superficial enquiries because, naturally, the purpose of the search is to prove that a product such as the one invented do not exist and the temptation to quit the search and persuade yourself that you are the first to invent it is big.

Search in free patent databases! Patentest website offers a free patent search toolbar enabling you to search by key words in various world patent databases. In addition, Google Patents offers an intuitive patent search among all US patents ever granted. More advanced users might want to search the European Patent database containing patents from more than 80 countries worldwide.

The second step is to request a professional patentability search . In many cases an investor will be sought after to finance the costly patenting process. During negotiations, investors often like to know if the right of first to invent is reserved to you in order for them to assess the probability of actually receiving a patent over the invention.

The third step is filing a provisional patent application. The provisional patent application process was designed to enable inventors worldwide a fast and affordable mean of reserving a priority filing date for a year. The provisional patent is not examined, do not provide any right, is not published but only reserves a date. In order to enjoy patent rights the inventor must file a regular utility patent application within a year from filing the provisional.

While the cost of editing and filing utility patent can reach several thousands of dollars, the provisional patent can be edited and filed by the inventor himself at a cost of $100. The application must include a detailed description of the invention. It does not have to include the more elaborated part of patent claims. Filing provisional patent grants inventors with the right of associating the term ‘Patent Pending’ when referring to their invention. Having this title associated with the invention serves to deter competition.

After filing a provisional patent the inventor will receive a document stating the date and number of application. This document has tangible value and can be tradable. Investors who are interested in purchasing the rights for the invention will pay the inventor for the transfer of ownership over the application and will take care of furthering the application and maintenance of the patent on their own.

To file a provisional patent one must prepare a document under the title ‘Invention Specification’ to include a specific description of the invention. This description must be detailed to a point where a person skilled in the art can understand the idea and purpose being the invention. In addition, under the title ‘Drawings’ one must provide annotated drawings of the invention describing the various components of the invention. The last of the documents required should be titled ‘Assertion of Small Entity’ and provide an affidavit of one’s status as an independent inventor not supported by a company who owns the rights for the invention when approved as patent. This document will grant the inventor a $100 reduction from the $200 provisional application fee. The next step is to download two forms from the US patent office website (http://www.uspto.gov/web/forms). The first - Cover page form (sb0016), the second – Credit card payment form (2038). Send the forms in a document envelope via courier mail service to the mailing address specified on the USPTO website. All that is left is to wait.