Patent Attorney and Founder
Well, you’re talking about step 7 on how to get a patent on your invention. We’re talking about marketability today, and this is a huge step that cannot be missed in order to determine if your patent will be successful. Even if you assume the fact, right? It’s a big assumption that your invention is going to get granted as a patent. Do you know if it’s going to be successful? You really don’t know that unless you’ve done the work to see if it has marketability. Will your product actually have space in the market? Is it in demand? How big is the industry? What are the regulations? How is this going to get to customers or to other businesses on a B2B scenario to get sold? What is the mechanism, and are there any issues about what else is happening in that space, whether it’s shrinking or growing? This is the industry, the market, and the really focused attention to detailed market analysis that needs to be done right up front.
We offer that here at Bold Patents. We know, and you’ll see on our website at boldIP.com under what’s called the Patent Success Matrix. This matrix, while it sounds kind of complex, is made up of two axes. So, just yesterday, we talked about patentability and how important it is to know whether your invention is novel, non-obvious, and has utility. That’s patentability. Today, I’m talking about marketability. How much potential is there for market growth and capturing a certain segment of that market with your product? So, the more marketable, the more patentable, the green, right? The more success you’re going to see in the end. But if something looks like there may be kind of a crowded space, that marketability looks sort of tenuous, and patentability even though it looks fairly good, that’s looking more like a yellow. Maybe kind of a tough decision for you to make as a business owner.
But if you’ve got low patentability, low marketability, it’s a no-brainer. You’ve done the diligence, and unfortunately, you found that this product or service really is a no-go. And you can thank yourself later because you’ve likely saved yourself an enormous amount of time, money, and effort in pursuing that endeavor that was destined for failure. Doing the hard work upfront is always hard to do. It’s always one of those things that you can look back in hindsight and say, “I wish I would have done more research. I wish I would have prepared more.” We’re here to guide you, counsel you, advise you. We’re not here to hustle and take your money. We want to make sure that you and us are on the same page, and we’re right there with you side by side, believing in your product, knowing that it’s going to be a win and make a return on investment that you’re looking for.
I’m your host, J.D. Houvener of the Bold Today’s Show. It’s been my pleasure talking with you here today about step 7 on how to patent your invention. Go big, go bold.