More and more Americans are filing for patent applications when they reach retirement. On top of that, the Patent and Trademark Federal Credit Union offers a number of options to save money in your retirement. When it comes to patents and retirement, it’s a match made in heaven.
Here’s how you can patent your idea in your retirement.
1. Utilize your free time
While you don’t have a completely disposable income in your retirement, you likely have a lot more free time than you used to. While not every invention is approved for a patent, around 50% of inventions that do meet the criteria are successfully patented. This means you have time to research products on your own, time to make sure you’re not copying someone else’s idea, and time to work out any drawbacks on your invention.
2. Budget your idea
Creating a prototype is a great first step to patenting your idea, but you need to ensure your budget can accommodate higher prices associated with hiring a patent lawyer, applying for the application, and building the prototype. Luckily, there are three major types of patents you can apply for: a material, a method, or a material. You don’t have to build a prototype for all your inventions.
3. Does it qualify?
To apply for a patent, you should check with your patent attorney in Colorado to ensure your idea is new. If your invention has already been patented, it doesn’t qualify as a patentable invention. However, if your invention is a method that improves or expands on an already existing invention, this is patentable.
Your patent should also serve a purpose and be novel to the general public. Talk to your patent attorney in Denver for more information on patent qualifications.
4. Talk to an attorney
In the end, no amount of patent research will make you an expert in patent law. When you need a great Colorado patent attorney, contact the Eldredge Law Firm. We will walk you through the process of the patent application and answer any questions you have regarding your invention.
5. Cash in
Once your patent is approved, you can look for manufacturing partners and vendors to make and sell your products. You won’t make every penny for your idea, but you’ll form a network of individuals set on making your idea come to life.
Retirement is the perfect time to come up with new ideas and utilize your newly found free-time. Contact the Eldredge Law Firm when you need patent protection.