S13 E34 When in the life cycle of patenting to start selling your new product with Wayne Carroll...

As a small business owner, understanding the optimal timing for selling your new product in relation to the patenting process is crucial. This knowledge will help you make informed decisions that balance the need for early market entry with the importance of protecting your intellectual property. Here's what you need to know about when to start selling your new product in the patenting life cycle: Patent Pending: When you have an invention that is innovative and commercially viable, filing a patent application should be a priority. Once you file a patent application, your invention is considered "patent pending." Early Market Entry: Selling your new product before the patent is granted allows you to enter the market quickly, establish your brand, and generate revenue. Provisional Patent Application: If you want to secure your filing date and obtain "patent pending" status without immediately investing in a full patent application, you can consider filing a provisional patent application. Strategic Timing: In certain cases, waiting until your patent is granted before selling your product may be advantageous. A granted patent provides stronger legal protection and gives you exclusive rights to your invention. Balancing Risks: The decision to start selling before or after patent approval depends on various factors such as your industry, product lifespan, competition, and financial resources. To navigate the decision of when to start selling your new product in the patenting life cycle, follow these action steps: Conduct a Market Analysis: Assess the demand, competition, and potential lifespan of your product. Consult with a Patent Attorney: Engage a patent attorney experienced in your industry to evaluate your invention's patentability and advise you on the best course of action. File an Expedited Patent Application: If you opt for early market entry, consider filing an expedited patent application to establish your filing date and obtain "patent pending" status, while obtaining a patent as soon as possible. Monitor Competitors: Stay vigilant and monitor your competitors' activities to ensure they don't infringe upon your invention or file similar patents that could limit your market share. Strategize Your Branding and Marketing: Whether you decide to start selling early or wait for patent approval, strategically plan your branding and marketing efforts to build brand recognition and differentiate your product in the market. Do this now! Schedule a consultation with a patent attorney who gives specialized advice after listening to your business plan and the information you bring to the table.

Don’t miss the next episode about Creating a Culture of IP Protection

BIO:

Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.

In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.

Episode link: https://play.headliner.app/episode/15303152?utm_source=youtube