Top Niche Ideas

How many times have you actually paid attention to all the things that surround you? Take your eyes away from the computer for a moment and take a good look at all the items that you can see from your chair. You’ll see a computer mouse. You’ll see a lamp, containing a light bulb. You’ll see a plastic bottle with a cap that contains a label and some soda. All of the things around you are monumentally more complicated than they appear. The objects did not appear out of thin air. A person or team of people had to think about the object, had to draw out a plan to create the object, and had to find a way to manufacture it.

Those people are called inventors. In history class, you’ve probably heard your teacher or professor ramble on about the historical importance of invention and they may have touched on some of the most legendary inventions ever developed. In doing this, they didn’t communicate just how important inventors are to modern society. Think about how many people were involved with the creation of that bottle of soda. Hard to fathom, isn’t it? Each part, when it was first developed, was probably vastly different from what it is now. Bottle caps were initially not made out of plastic. Soda recipes were probably revised many times before the drink that you’re sipping on became a finished product. Even the earring or earrings you may be wearing are the result of many human revisions so that their posts don’t hurt your ears.

Inventing something is one of today’s greatest miracles, and to be an inventor may be easier than you think. You could be lucky enough to have a science or engineering background and a keen eye for things that need to be improved upon. If that’s the case, you’ve probably already considered becoming an inventor, or have invented something, and hopefully have it patented. Chances are, though, that you’re not that person. You could be a housewife who spends most of her time at home taking care of the kids. You could be a trades worker who spends many hours in front of a machine doing quality inspections. Or maybe you’re a college student with a vast body of knowledge but very little idea what you want to do when you ‘grow up’. You could fall into virtually any category and successfully patent something that sells like wildfire. All you need is an idea, some passion and a plan. Most people have a subject or two they can profess they’re an expert on, and in many cases, they have opinions about how their experience with it could be improved. The opinions are the seeds that can grow you into a patent-holding inventor.

You may find the process of getting a patent and marketing a novel product difficult to understand. However, you may be comforted to know that the US Patent and Trademark Office – the regulatory center of intellectual property in the United States – approves nearly half of the patent applications they receive every year. That’s because the people who submit the applications are passionate about the product they invented and are ready to effectively prove that their creation is special. In your life, have you ever had to fight for something that you sincerely believed in? Well, the practice of inventing and patenting will tap the energy source you used to fight, and will exercise it so that you become a stronger person. Look at the invention process as a way to obtain personal growth instead of a nuisance. And remember, you aren’t alone: there are plenty of resources available to the aspiring inventor. You might just fall in love with wearing shoes like Thomas Edison once wore.

An inventor may have an idea, but the process of getting the idea patented takes quite a bit of work. He or she must determine if the idea has been thought of already, must produce a convincing argument that it’s an original creation and must be ready to classify the invention based on US Patent and Trademark Office (USPTO) regulations. An inventor may be turned off to the idea of getting a patent for this reason. Nevertheless, going through with developing the invention and marketing it could lead to others reproducing the idea and the original inventor losing revenue. A patent protects that from happening.

In order to avoid having to navigate through complicated patent laws and regulations, it may be beneficial to hire a patent attorney to help out. A patent attorney is very knowledgeable about patent law and is certified to specifically work on patents by the USPTO. In addition, in a lot of cases, patent attorneys have backgrounds in science and engineering, so they know quite a bit about inventions in both fields. In addition, they can handle matters beyond patents for the inventor, including copyrights they may need for information about their product, or trademarks for the business that could be formed from the invention.

Choosing a patent lawyer may be difficult. There are over 28,000 patent attorneys and about 9,000 patent agents in the United States today. Many specialize in particular types of patents, whether they happen to be for machinery, software, pharmaceuticals or even for organisms. Many inventors use the internet to search for the right patent lawyer. The USPTO has a search engine that will let the inventor find patent lawyers that are geographically closest to them, and websites like Findlaw contain directories of patent lawyers and law firms to browse through. Be sure to research the lawyer by asking them how many cases they’ve taken on, what their specialty is, what services they can provide, etc. In addition, if you know people who are in an industry that produces similar products to your invention, you may want to consult with them to find a good attorney.

Usually the services a patent lawyer provides are concrete. They know the USPTO very well and work with them on a regular basis. They will be able to use contacts in the USPTO to expedite the patent filing process. They will be able to assist you with filling out the application so that there aren’t mistakes. They will be able to take your idea and write it up into a description that follows the rules of the USPTO. They will clarify just how to construct drawings of your creation so that they are clear and properly show what your creation can do. They will warn you what to expect once the patent has been filed. Finally, they will be able to hold your hand once the patent has either been accepted or rejected.

Yes, patent lawyers are not inexpensive. Their fees vary, but usually they fall in the $5,000-$10,000 range. However, if you decide not to get a patent lawyer, there are many opportunities for the inventor to make a mistake. Their patent may become delayed or rejected because the application was not in its best form. Investment in a patent attorney is very likely to be returned in the long run.

Experienced inventors exist in great numbers. They’ve most likely filed a number of patent applications and know generally how patent filing works. Nevertheless, with growing technologies and changes to invention paradigms, the US government has had to keep patent law up-to-date. The US Patent and Trademark Office (USPTO) often has rule changes, and they do their best to inform the public what the changes are. However, every now and then the US Congress makes large changes to patent law. In 2007, the Patent Reform Act was reported, containing many alterations to patent rules. A summary of the changes are listed.

The First-to-File Rule
Prior to 2007, the United States was the only country in the world that would evaluate patent applications in the order of the creation of the invention, rather than the date of patent filing. The change introduced here would make the USPTO evaluate patent applications chronologically based on the date of filing. The benefits of doing this would be to a) conform to international processes of patent handling and b) reduce legal costs and court time related to the length of each evaluation. Opponents to this change see a potential problem of inventors rushing through patent applications in order to file their patents earlier than competitors.

Approximation of Damages
In the past, inventors who recognized patent infringement could sue the infringer for royalties equal to the amount that their whole invention could sell for. In the Patent Reform Act of 2007, a change was made to this rule: the patent holder would only be able to claim royalties for the invention they created, and not the sales related to the improvements that the infringers made. This clarification was made in order to reduce the amount of frivolous litigation that has been apparent in recent years with high-technology instrumentation and software. Those opposed to the changes claim that the market value of the changes would be difficult to estimate, and would tie up the courts longer when a patent infringement case occurs.

Inventors Oath Changes
In any patent application, there is an oath that an inventor must sign to declare that the application is true to the best of his or her knowledge. The Patent Reform Act adds leniency to this rule. If the inventor is dead or disabled, and cannot sign the application, an assignee can sign the patent application in the inventor’s absence.

Interlocutory Appeals
Large companies who are frequently targeted legally during the patent process are always looking for ways to reduce their legal costs. With this change, a case which revolves around an incorrect interpretation of a patent can avoid a full appeal which leads to a second trial. Due to the fact that around two-thirds of incorrect interpretations are found through a full trial, an interlocutory appeal would increase courtroom availability. Although this idea would shorten court time, the interlocutory appeal would have to come from the Federal Circuit Court of Appeals, and would take up a significant chunk of their time.

Third Party Opposition
Anytime a patent is issued, it’s unclear how the patent will affect the world around it. As a result, the Patent Reform Act changes the rules so that an opponent to a particular patent can file an infringement lawsuit up to twelve months after the patent was granted, assuming that the patent caused the person or group significant economic harm. Arguments made against this change focus on the idea that twelve months was too much time, and would allow for frivolous lawsuits. The change also proposes the creation of a new part of the USPTO, the Patent Trial and Appeal Board, who would look over these legal actions.

Prior Use Defense
Before 2007, the prior-use defense, which protects companies from losing revenue gained before a patent or trademark was issued to them, was only applied to business methods. While this rule could essentially invalidate the purpose of the patent, it favors small businesses that do not have the know-how about patenting their trade secrets. In the Patent Reform Act, the prior-use defense is applied to all types of patents issued by the USPTO.

These were the most crucial changes to patent law introduced by the bills. Currently the Patent Reform Act is still being evaluated by the Senate, but in general, the support of these changes is significant.

A patented invention – although very commonly obtained by large companies – can change an individual inventor’s life when it’s first obtained. Aside from the initial excitement and feeling of accomplishment that comes from a first patent, an invention can promise a new, potentially lucrative way to make money. An inventor can end his or her relationship with the patent immediately by selling the patent to an organization who can capitalize on the idea easily. This decision can reward the inventor with a very large, immediate bottom line. However, the inventor that wishes to build a company out of his invention could watch it turn into an empire.

Before the entrepreneurial inventor can watch his or her company grow, he or she has to put its foundation together, which is anchored largely by a business plan. A business plan will define what it is one is looking to sell, how he or she is going to sell it, pricing guidelines, marketability, and definitions of how the business will be structured. If you aren’t far from getting that patent and need to know what is in a business plan, continue reading.

Part One: The Executive Summary
This is the first section of your business plan and probably the most important. In this section, you will describe the fundamentals of your invention and how you plan to build a business around it. In addition to stating the purpose of your business, this is a place of summary, where you can outline the rest of your business plan so that it makes the presentation easier on readers. It’s likely that if you have successfully patented a novel item, then you will gather the interest of venture capitalists. They’ll be most intrigued when seeing this executive summary.

Part Two: The Marketing Plan
This part requires the creativity that you tapped when you first invented your product. You’ll need to answer questions here like “who will buy this product?” and “what strategies are necessary to lure a buyer in?” In addition to this, you’ll need to realistically define what you can expect when it comes to buyer turnout. The investment of money and time put in can equal the amount of revenue taken in, and this is probably the best place to estimate this. It’s very important that when you project these things, that you don’t overestimate. If you are actively seeking investors to take an interest in your product, they will be very actively disappointed if you don’t supply the revenue that you agreed to. This is also a place to exhibit some of your first advertising ideas. Since you know your invention probably better than anyone else, the roots of your advertising campaign should lead to you. In the future, you may want to tap other creative outlets – particularly experienced marketing personnel – but if you’ve got a great idea for letting people know how good your product is, this is the place to describe it.

Part Three: Financial Projections
Although you know you have a great product ready to be shown to the world, can you identify just how much money it’s going to bring in at first? This is never an easy question to answer. If you’re new to the business world, it’s best to contact a friend or colleague who knows about making projections like this so that they can help you do proper research. It has been said here before, but it bears repeating: be realistic. Venture capitalists will form better relationships with you if you do not overestimate too much. In addition, if you plan to market this product locally, nationally or internationally, do research about the associated regions; don’t get data that may misrepresent what’s the truth.

Part Four: Hiring Strategy
When it comes to selling your invention, you’re going to have costs. These include operational costs, material costs, and labor costs. This is the section where you estimate just what personnel you’re going to need to meet your goals. Most investors start small and work their way up. With repeated successes and the spreading name of the business, the size of the company will grow. Still, in the initial business plan, you must outline the most immediate staffing needs and not those that _could_ happen.

These are all part of a quality business plan that will entice any investor.

Inventors in every corner of the globe must be hyper-vigilant when it comes to making sure that their patent isn’t a duplicate and is currently useful. Many inventors turn to doing their own research by reviewing trade journals, periodicals and the web to determine whether a patent-filing will be a sound investment. One of the many inventions that have passed in front of the US Patent and Trademark Office (USPTO) is a method for inventors to evaluate how their invention will make out. This method is called Patent landscape mapping (PLM).

Due to the fact that inventions are being created left and right – particularly in the computer and biotechnology industry – classifying the inventions has become increasingly important. PLM makes an effort to divide these inventions into different patent ‘families’ that have relationships not dissimilar to a regular human family. Companies that have a significant amount of intellectual property can form their own PLMs that will map their discoveries in relationship to each other. Furthermore, when a potential new discovery comes along, that company can decide whether or not to capitalize on it by adding it to their PLM. In addition to displaying a single company’s patents, a good PLM will also show the details of the patents owned by direct competitors. This will give the decision-maker a birds-eye view of the overall marketplace.

PLMs can be future predictors. A company that is interested in patenting a technology that extends light-bulb use may create a PLM that groups the patents of opposing companies together with their own patents. In the PLM, a number of things will be visible, including where companies – big and small – could capitalize the most by purchasing the rights to the new light bulb technology. The viewer will also see if an opposing company is close to coming up with the light bulb technology themselves.

Patent landscape mapping is a quantitative process. Over 50 different mathematical expressions are used to develop the average PLM. A patent map graphically displays individual patents in a geographic or topographic map representation. Each patent family is listed, along with points representing each patent. The fundamental differences between patent maps are related to what the map is to be used for. Some maps are specifically measure a particular group of patents’ importance. Other maps, which are more complex, take into account the time at which the patents were approved.

PLMs are usually based upon a simple database which lists patents, their effective dates, their importance and relativity to other patents. Due to the fact that the patent climate is always changing, those that develop PLM databases keep the data up-to-date. In addition to general information about a patent, the good PLM database will monitor legal disputes related to patents and their outcomes. Also, general market trends can be observed in a multi-faceted PLM that contains overall market revenue versus time.

There is a variety of companies and places that develop patent maps for clients. Over the past five years, many patent law firms have included the production of a patent map as part of their services. Consulting companies exist that are devoted to creating patent maps for the inventor. Software has been developed that create PLMs through a process of human-based computing. When deciding to go after that patent, you will find that having a patent map made for you by a qualified source will assist with your decision making.