How to Patent an Idea?
Entrepreneurship can be broadly defined as the summation of creation and innovation. The design includes thinking of new ideas. The invention consists of converting that idea into reality, i.e., making new products or services. Entrepreneurship is all about adding value to society or a target market, to be precise. Inventing new ideas is the central pillar of any startup business. Along with it comes the concept of patenting that particular idea.
A patent can be defined as an exclusive right given to an innovator by a particular authority for a specific period against the proper disclosure of his or her invention.
The process of patenting an idea can be broadly explained as follows: -The first step includes filling up the application form according to the territorial limit stating all the details of the concept and its impact -The next step consists of the payment of the application fee in form 18, the cost of which ranges from INR 2500- INR 10000 -Another available option is to withdraw the application form within 90 days from the first publication of the idea in a project or a report form.
It is vital for entrepreneurs to patent their idea. It prevents their hard work and innovation from being copied by an outsider. The process helps limit the easy entry of the competitors to their target market, allowing them a better chance to capture better profits for their businesses and make it a sustainable one. In most cases, patents are granted to the innovators for 20 years, sufficient for the entrepreneurs to establish their businesses.