5 Effective Tips To Reduce Your Patent Filing Expenditure

Ask yourself these 5 important questions to identify the areas where cost-cutting is feasible. 

1. Do You Really Need A Patent? 
   

   Yes, a patent is a marvelous thing to own but do not get swayed by its power. Determine if your invention is worth the expenses a patent entails. Keep in mind that by the time you actually own the patent, at least 3-4 years would have passed. You can also find out if a trade secret would be equally effective in your case. They are much easier to secure and have minimal costs involved. 

2. Which Countries Would You Be Operating In? 
   

   If you have the resources and plans to sell the product in different countries, then file your application accordingly. Budget in the costs involved in filing in different jurisdictions along with translation and maintenance/renewal costs. It is better to select key countries and keep a focused patent prosecution strategy to avoid unnecessary cost liabilities.  

3. Is A DIY Prior-Art Search Possible? 
   

   Whether you can go ahead with filing for a patent is decided solely by the results of the prior art search. That is how central it is to your patent prosecution strategy. If any existing prior art is missed out in the search it can prove a costly mistake later. That’s the reason only experts with the resources to conduct this search must be trusted.  
   But if you are confident that you can conduct the search effectively on your own then it can save you some money. Plenty of free databases like Google Patents search, Espacenet, Patentscope, Lens, and USPTO are available to carry out the search. You can also opt for market surveys to supplement it. Conducting your own search also exposes you to new concepts and ideas that can be useful in enhancing the product. 

4. Are You Capable Of Drafting A Patent Application? 
   

   As stressed earlier, the patent application drafting process is fairly complicated and technical. Not only does it require a thorough knowledge of the invention but also familiarity with the USPTO’s guidelines. Saving money here is definitely not a good idea as you may end up with a rejected application. However, to reduce the attorney fee, you can prepare a draft and seek their advice on its eligibility. Since the patent attorney does not have to begin from scratch, they are likely to charge a lesser fee. 

5. Will You Be Able To File The Application? 
   

   Some jurisdictions require an attorney to file the application while others allow the inventor to do it. Filing the application yourself is usually not recommended due to the legalities involved in the procedure. But if you must do it on your own then it is recommended that you undertake a course to gather sufficient knowledge on the subject.