What Are The Benefits Of A Provisional Patent?

1.What is a Provisional Patent?

2.Benefits of filing a provisional patent

What is a Provisional Patent?

A provisional patent works effectively as an interim utility patent administered by the patent office. It may be filed without any claims, oath, declaration, or disclosure agreement. Even without such documents, a provisional license gives the patent owner protection over his or her idea or product. It is valid for one year, following which the owner must file a regular patent application. Having a provisional patent approved gives the owner the right to use the tag Patent Pending while engaging with manufacturers and vendors. Such a tag also acts as a deterrent to people who wish to commercially exploit the idea or invention. It serves as a low-cost preliminary step preceding the filing of a non-provisional patent. The one additional year of protection it provides allows the inventor to evaluate the market potential of the product and promote it.

Benefits of filing a provisional patent

1.The most significant advantage is that provisional patents require less formal and legal requirements. Such a reduced formality threshold makes things a lot easier for inventors and entrepreneurs. Since filing such a patent requires less legal attention, it requires less cost and effort to make a reality. Furthermore, the time taken will significantly reduce as they are less stringent rules.

2.Since the provisional patent application can be filed 12 months after first applying, this time may be used to evaluate the invention or design. Such a procedure greatly benefits small entrepreneurs and inventors.

3.Most of such filings require only a writeup regarding the invention and a set of figures detailing how the design works. The formal application for filing a provisional patent comes later. Therefore, entrepreneurs can submit such a request on their own in most cases.

4.In certain countries, filing a provisional patent makes their invention liable to secure foreign priority. All the signatories of the Paris Convention will likely give priority to the subsequent patent applications. The Paris Convention brings together almost 165 of the world’s most commercially active countries and details their patent priority.

5.Provisional patents work as an efficient, short-term solution that helps inventors monetize and promote their idea with ease. It serves as an effective and affordable way to protect an idea or invention.

Some more additional benefits are:

1.Filing a provisional patent also makes it possible for the patent owner to start the commercial promotion of the product. The biggest fear that inventors have is that their product will fail to attract attention and that they may be stolen. Whenever a company starts to publicize their products, others have the opportunity to steal and commercially exploit that idea. However, by filing a provisional patent, inventors can stay assured that their invention remains theirs, while also looking for investors and commercial viability. Also, the filing of such a provisional patent allows for a potential monopoly of their idea. The inventor can, therefore, look for licenses, find investors, promote the product and raise money to mass-produce it.

2.Large companies can start talking with manufacturers and vendors once they file their provisional patent. Such discussions can be made after making the vendors sign stringent non-disclosure agreements.

3.Another critical advantage that provisional patents provide is that multiple of them may be filed and referenced. Therefore, while registering a permanent license, multiple provisional patents may notice as a reference. Hence, several different provisional patents can combine to form one single well-thought-out product. Therefore, this works as an effective way to protect a company’s best interests while the product is undergoing development.

4.Also, a provisional patent effectively adds another year to your product’s protection. Within this one year, you can continue to develop the product and try to find investors to back the product commercially. In most countries, a patent is valid for 20 years, and hence with the help of a provisional license, the total validity extends to 21 years. For prescription drugs, fast-moving consumer goods and electronics, such a one year period can provide various benefits.