Here's how to Patent your great idea

Friday, January 19th

Have you ever thought: "Here's an idea someone should invent"

Maybe it should be YOU who invents it!

Here's the steps you need to take to patent your great idea.

We cash in this week with Mike Pyszczek President, Genesee Northern Research LLC, Professor at Roberts Wesleyan College School of Business and coaches MBA candidates and engineering students at the University of Rochester's Simon School of Business.

Thanks to Family First Credit Union for sponsoring the podcast


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

How times have you sat I'll I got a great idea and I got the perfect invention. But then you don't know what to do next well today on the seven figures podcast we're gonna how you're gonna take you through the steps that you need to take to put that idea in motion. Thank you so much for being here if your knee into the seven figures podcast welcome. All the information that you need to dominate your finances and I'm your postings in the waters and a big thanks to our good friends and family first credit union. For sponsoring the podcast from personal thank you to business services and home loans they're number one priority is finding a solution that works for you locally and joining us I guess today we cash Jim they're experts who might just how he's asked his. Resident is pretty lengthy president at Tennessee northern researched. Bachelor's degree in chemistry master's degree in business management. And it most import and laid the licensed US pat and agent who has been granted thirteen US patents. Thank you so much for joining the podcast. Well great debaters sandy thank you. There are a million ideas that we all have every day what do we need to do to start the process how do we get. Patent. Well. This is a question that you know edit that out here very often by. Inventors or people will come up with a a concept or. Or something in considering going down the the route of obtaining US patent. They're keeping it out about. US patent that are probably now widely known. They had you know that that. People should probably consider. First thought of yet Italy yet okay well our patent basically is a a deal you make with the US government. Eight. Oh what you get is. A twenty year. Exclusive. Blatant. To your technology you know lately you know from time. Call it a limited monopoly. On your invention. Whipped what the trade off being that you have to reveal your invention to the general public if beat published. OK so this came back from the the early days of the founding of our country when the movie release statesman. Signers of the declaration of independence and in particular Thomas Jefferson. Are realized therefore the United States new reform country to grow we needed to recruit. Talented people into the US and we needed to have them share their ideas so they grow the possible. What Thomas Jefferson who was the first director of the US patent office he invented the system. He took the idea of patent which went from English law in even before they get the other other European countries. And at adapted it to the United States or coconut. Person commie the United States. Could. They have an exclusive right to say manufactured glare in is way. And we would protect his rights to that particular technology for a period of time provided he. Shared there and greet you share that is because. Innovative concepts often spur on others. Just like the invention or radar. Eventually became microwave ovens are yet you know lasers ended up being. You know dvd players that we have today so it voted into the contract with the government for a certain period of time where you would share your invention and they will protect. You're right to bear. The other thing to know that the government will grant you the right to their technology but they do not enforce it. So if if you have a parent and eighty particular widget. Or something like bet and it's published in the patent is that if you. That applies mouton ingrained in your granted your patent. And we show up on eBay. You know two weeks later. The government at this to a nearby K okay the government only says that yes they eat they realize that you have the right to their invention but. Enforcement of it is all on you. Op OK so this brings up. In in I think this is a real story I don't think this is fake news that the Phidget Spinner. The craze around the Phidget Spinner in the original and venture. I heard it was just a mom who came up with this and let the patent license gives you said it's. Only a certain amount of time there didn't re knew it and then somebody came forward and Tucker idea. Quote unquote and now that person's you know had an has made so much money where his mom who had the original idea to make anything because she let it expire. How many times does that happen. Well it if it happens a lot first of all if you're not. Quick enough to claim your rights by getting the pit and you you can you can lose it. The example here that the widgets that are achieved you know if you if you come open invention. Any invention like they have and you offered for sale. Once you do bad you are you are barred from operating there. Oh yeah. Yes if that's the statutory bar dependability if you offered for sale for the public and Bradstreet and being spared no longer secret but why should the government. In a better deal with you can break so why back to be the case. How expensive is it to get a patent. Well it's probably more than people think. Probably if you go with you know local law firm were you know of period agent openly they had to to finalize your rights after all the people were it's probably around 101000 now. Well okay now I think a lot of us realize that. Yep yep and it peeked in and really it's it's difficult not to do it without professional help because. The language of of patent law and in a patent claim to being a bit with all the polling magenta with salt and the moon some of the the mobile but it ended its strange to you. You know you repay and lost some of the wording used been. In the pit NAFTA are actually the same words written by Thomas Jefferson oh okay yeah I mean girls Beckel wait. But they are being said there are things that in vendors can do. I'm their own to establish patent rights bad that could be of value to them. Patent system that we now you have is based Ali first to file system used to be first to invent. Seoul Korea debut the first hit the right. In it was a problem in this country because you know what what would you really call would be inventive when documentation yet again and it became. You know real sticking point in several cases. In first of spiral. When you spend your application in there isn't data and it's it's pretty clear if you're. Letter got to the patent office that day before someone local also what are you hear who you get a break so it is it is now first to file that came about in the 1990s. That they changed. From first to invent the first defy. So there is a way of establishing your invention date your filing date in a relatively. Cost effective way and United States government the patent office did debt by eight. Coming up what they call a provisional parent. So an average person. You can learn this by going out and you Luke had web site US PT all doubt golf. But you can file provisional patent for under hundred hours all OK okay so it it. You know that you think you have to you have to register with the patent office and did he get a number but that's free. And. The -- your first step then you can liner right okay. If exactly and basically you you by filing a provisional patent. To establish your data and center. Now when you do that let's say there's some. I DN that in theory very similar to yours and it's already been filed in the processes a little bit further along than yours. Do they notify you of that. How many people actually start this process and then it goes nowhere they invest did all this money and it really goes nowhere. I I think the grant great right now probably. And get people depending on that the field of our. It's probably a little over 50%. Knob but. But bad that doesn't mean that kept the parents fail. Because the way to process goes is that if you file provisional patent. Okay you establish your date. So you know candy comes up what they better. Digits that are in you spend you're drawing up it into the government in page you're. Product you know you're I think it's probably about 8090 dollars Europe but a person do this. Then you need is a drying. I you can give it would draw order brief description that would be tough enough to get filing date OK yep. I mean the more you include the batter but what that. What their provisional patent gets you is is that state and it gets you one year. To borrow your utility which is where you really need help utility patent. Must be filed within one year of their date. And that is one year and 20 minutes effect there is no expansion all of them must. Even though agents innovation Massa got caught on the map however I. Yep there is there's no B way out of there it is it is Easter. 365. Day window it you have to file. For your full utility patent and that's where you really need to have. Helped the professional drawn and the new language of it. But the good news is that for relatively low a lot of money you've got a year to play with and during the eight year. You can figure out whether this is an idea that you can make money on her back. Because you have rights to a league come up with your monetization plan pay. And you manufacture this you have to hire someone else to manufacture and can you sell the idea. Isn't that what you can put patent pending on your invention. He and if you need to shop around that would be the time to do ha told bats. Probably that you know good enough for most people go to give them that one year. To really decide if they wanna make a business. And if they do and they are able to. Most are up funding then they can go to the next step which is utility parent. And then they know their process so they mentioned. You know in most cases is it a you know. And grand give or take three or four known that he and the complexity of your. In most cases it's about a who'd a three year process. Of having to examine the intimidation Don and the debt is the point when you're full patent is applied for that you would know. If there is any you know what they call prior art robbery convention like here's the party in place for out. Our people to pay hadn't been you know really a beast being the you have to be useful if the B unique you have to be on anticipated if someone could not have done it before. You have thirteen. Under your belt. We knew here. Other people are your friends or coworkers are never say I got a great idea of how many times today do you think. Right what is your initial thought is dead I have to encouraged this person and yes he should definitely go for it or is it. Err on the side of caution oh boy you don't know what you giving Intel. Well it you know I guess it. He offer you what what are what are your goal. Eight if you. Want to take bad idea of yours it make a business of it. Well you know then then you're then you've got to go all in on this and spend some money and you'll do it right. If it's just a big need. And you say boy you know it would trade at Pitt you know just just for the sake of say you had a pair of well you know I mean it's. You're eagle or and Graham. If I hit a Marie really analytical belt. And you know in any event if your own unsure of it. I mentioned the provisional patent for. You know under a hundred dollars or. Person who. You know it is doing it for the first time they offer that a lot of money he gives you were a year. To explore options and say you've got a patent pending and you don't. You know it it's not a bad way to go if Burton Depp is this something you really want of move forward. All right so now you're all thinking of ideas. Go for it just do back then. Yup the web slate US PTO dot gov and learned just about everything you need to know then what your options are and it's a good place to start. My high Zach. It's a license to US an agent and has thirteen US and zoning so much in my bush. Retain great talker again. Seeing now the next time you watch shark tank you're gonna now. You're gonna know what it takes to get him patents started if you have a million ideas in your ninth grade inventions hopefully today's podcast and helped answer some of your questions. If there aren't any financial questions that you still do have that you want us to discuss on the shelf let me know reach out to be seen the F Rochester does that happen. Really appreciate you taking a second to subscribe on iTunes and leave us a review. Thank you so much for checking us out on Google play at the end of Rochester because that's how. Now I leave you win my dad's idea it always has the best financial advice to short and simple. Father Knows Best my dad's too sad to have a great weekend dominate your finances. It's. Been reported dead about half of Americans would not be able to cover an unexpected expense of just 500 dollars. If you're and that can't get yourself out of that difficult situation. By having a portion of your income. Deposited directly to a savings your best and I don't need to go on the money diet. And allow yourself to only spend a certain amount every week. And stick to it soon.