January 10, 2005
Inventors - The Odds Are Against You
Inventors take note: According to Bob Shaver's article An Inventor's Chance of Success, your invention has a 2-3% chance of being successful. Success, by the way, is defined as either growing the invention into a successful single-product company, or licensing it to a larger company.
When you factor in the $5,000 to $10,000 it costs to obtain a patent, you need a $250,000 minimum profit projection before patenting becomes a worthwhile gamble.
Also, be prepared to wait 18 to 24 months before you receive your patent. That's the typical amount of time between starting the patent search and receiving the patent. Add in any additional time for marketing and selling your product or license.
Are you ready to take the plunge? Can you afford it?
Posted by Kurt at January 10, 2005 09:46 AM
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