Pricing and Costs of New Inventions

Determining how much your new inventions will cost to patent

The costs of creating new business inventions isn't inexpensive. One of the major pricing and costs of new inventions, however, can be determined fairly easily in advance: the cost of obtaining a U.S. patent.

Those new to the world of invention ideas may be shocked to know the average inventor pays thousands of dollars to protect his or her new invention. Only a small portion of this cost goes directly to the United States Patent and Trademark Office (USPTO); the rest is attorney fees. These costs include:

1. Hiring an invention services expert to run a preliminary patentability search

2. Paying to have your invention submission application properly prepared

3. Employing a patent attorney to create an abstract for your invention patent

4. Paying for miscellaneous product ideas fees.

 

Obtain invention help with a preliminary patentability search

The first step is to conduct a patentability search to ensure your invention may be patented. This runs about $650 to $1000 when you hire a patent attorney. You may also do this search yourself, which could cost you nothing but time. However, if your search isn't thorough, you could end up spending thousands for an invention that can't be patented.
Try: For detailed information on how to conduct your own preliminary patentability search, read "Patent It Yourself" by David Pressman, sold at Books-A-Million. Also, consider hiring a company specializing in patent searches, like Patent Searching Services.

Prepare an application for your new invention

A patent application should be prepared by a patent attorney. (Remember, a patent is not merely a form to fill out; it is a complex legal document that should be created by an expert.) This cost depends somewhat on the type of invention being patented, since patent drawings and descriptions must be included. However, expect to pay about $300 to $600 on average.
Try: For more information about patent applications, read "Understanding Patent Applications" at Nolo. To find a qualified patent attorney, use the searchable database at USPTO.

Create an abstract for your product ideas

An abstract for your invention must be prepared; this is a highly detailed description of the invention and should only be prepared by a qualified patent attorney. Again, the cost of an abstract varies according to the complexity of the invention, but you can expect to pay $3500 to $5500 for a fairly simple invention, or $5000 and $8000 for a more complicated one.
Try: Although many experts advise inventors to only use a qualified patent attorney, you might consider hiring an invention corporation like The Patent Office, which can prepare your paperwork at potentially a lower cost. For an interesting article on top mistakes inventors make when patenting their idea, read "The Ten Most Common Mistakes: Inventors on their Own" at the Patent and Trademark Depository Library Association.

Expect other costs for protecting your new ideas

The actual filing for a patent runs as little as $133 and should be sent via Express Mail, which costs $16.50 to $26. When USPTO examines the paperwork, changes are usually requires at a cost of $800 to $2,000 in attorney fees. Later, formal patent drawings must be prepared, which costs $125 to $150 per page. An Issue Fee must be paid to USPTO, which is about $685 to $750, and an attorney must be hired to finalize your documents, at a cost of $200 to $400.
Try: For complete information on the USPTO's fees, see their FAQ page. To calculate shipping fees and print a shipping label, visit the United States Postal Service.

 

• Always consult a tax preparer about how to handle patent costs for your new inventions. However, do know that most costs associated with obtaining a patent are deductible.

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