If you wish to receive a license for one of the designs you have, you should expect to spend at least $850, but this is only if you choose to do it by yourself. In most cases, the expenses of hiring a professional organization or attorney could cost anywhere from 4.000 to more than 16.000 dollars.
Naturally, you can choose to do it by yourself, but, if you don’t wish to go through all of it alone, you’re probably wondering – how much money will I require to license my invention, and what can influence the price? Luckily for all new entrepreneurs, the article below will shed some light on the entire topic, so, let’s take a look at what you should be aware of:
The Price Will Be Influenced by Various Things
As we already stated, the medium charge of filing for a license could go from $4.000 to more than $16.000 dollars, however, this will mostly depend on how straightforward or difficult the idea is. This suggests that the more complicated it is, the more it’ll cost you to register it. Some of the categories that your design may be in are the following:
- Quite Simple (small electrical components, paper/hair clips, envelopes, etc.) – will cost you approximately $4.000 to $8.000.
- Somewhat Simple (parasols, spotlights, various games, hairbrushes, etc.) – will cost you from $5.000 to $8.000.
- Quite Complex (cameras, electrical devices, small electrical appliances, etc.) – will cost you from $8.000 to $10.000.
- Somewhat Complex (smartphones, medium electrical appliances, lawnmowers, etc.) – will cost you from $10.000 to $12.000.
- Moderately Complex (prosthetic gadgets, large electrical appliances, power tools, etc.) – will cost you from $12.000 to $14.000.
- Extremely Complex (satellite tech, scanners, medical devices, etc.) – will cost you from $14.000 to $16.000.
- Programs + Software (automation software, custom business programs, etc.) – will cost you from $16.000 and above.
Each Step in The Process Will Require Some Funds
Now, as mentioned, you can choose to go through the entire process by yourself, but, if you’re unsure about your ability to do it properly, you might want to work with a professional organization such as InventHelp. If you choose to hire such companies, the steps you must be prepared for include:
- Copyright Research Expenses – before your request form is even sent out, you’ll have to pay approximately 700 to 5.000 dollars for your attorney to perform a copyright search.
- Attorney/Expert Expenses – if you choose to hire a copyright lawyer or organization, you should expect to spend anywhere between 2.000 to 6.000 dollars, but this will depend on the lawyer or organization you choose to work with.
- The Type – there are several patent types: provisional ($1.000-$3.000), utility ($4.000-16.000), design ($1.000-$5.500), plant ($3.500-$9.000), and international (more than 150.000 dollars).
There Are Both Benefits And Drawbacks
One of the prime benefits of acquiring a license is that you’ll gain an advantage over your competition. This indicates that you’ll be capable of shielding the layout and purpose of the idea, hence, by licensing it, you could end up generating a higher revenue as well. Also, you’ll be protecting the object from intellectual theft, meaning that you can guarantee that no one steals the design you already thought of. Additionally, you and/or your business will be more credible and professional.
There are, naturally, some drawbacks that you may want to know about. For starters, the entire process is extremely long and daunting, and in some situations, it could end up taking several years to get licensed. There is also a risk of entire transparency, meaning that you’ll be required to emphasize all aspects of the concept. Also, you should be aware, there will be maintenance expenses that you’re required to pay, and currently, those fees are close to reaching one thousand dollars.
What Will My Right Be?
Since you are the legal proprietor of the franchise, you have the power to allow the usage of the design by other organizations, however, they should pay for using it. Likewise, you have the liberty to trade the concept and if required, you could also sue people/organizations that violate the terms. Lastly, with a license, you possess the right to mass-produce, as well as sell the goods included by the license.
Should I Hire Someone to Help?
There isn’t really an answer to this question, mostly because it’ll depend on you. However, you should know, if you don’t file it properly or if you miss mentioning some crucial information, the license could end up being denied. This is why you must seriously consider hiring someone to assist you with this.
Whether you choose to hire an attorney or a firm, they’ll know exactly what they have to do, which implies that you’ll boost the odds of finally being approved. Although it’ll cost you quite a lot, in the end, it could extremely help you with the entire administration process.
Do I Need a Trademark?
As you might know, registering a trademark will protect your title/logo, while a patent will protect your design. Hence, if you wish to, you could choose to file a trademark, mostly because it’ll offer you additional security for your entire organization and brand, and by doing so, it’ll limit how much third parties affect your revenue.
Keep in mind, this is also a lengthy process. Once you register the application form, you will immediately receive the trademark symbol (TM), and once it has been officially approved approximately 12 to 13 months later, you’ll, naturally, get the ® symbol seen on various products.
Although it is quite expensive to get a license for the ideas you have, you should, because it’ll ensure that the idea isn’t stolen by someone else. No matter if you choose to hire a licensed organization or a lawyer, you should guarantee that you choose the right one, hence, do some digging before making a decision.
So, now that you’re aware of how much you may have to spend to patent your idea, you really shouldn’t waste any more of your time. Instead, you should open up your browser and start looking for a solicitor or patent organization that’ll assist you with protecting your idea from being patented by someone else.