Steps To Starting A Small Business
If your new business is to be based on an invention or innovation, you must consider whether or not to pursue a patent. Patentable subject matter includes products, compositions, apparatuses and processes. The subject matter must be useful, not obvious to someone in the field, and not a collection of other known devices. For a small business, patent fees vary. Before filing a patent , you should make sure you have written records of your research and development. You must also conduct a patent search based on your detailed description of your invention.
A patent provides a degree of protection against unauthorized use of your invention or innovation. Infringements against the patent must be pursued by the patent holder. A registered patent may help in securing financing by providing credibility for the business idea. You may also decide to sell the patent, or license the production to somebody else for royalty payments.
Alternatives to patenting an innovation include obtaining a trademark on the name, or copyrighting the rules or instructions. The continued success of Coca-ColaTM is based not on patenting the formula, but the exclusive rights to the words Coca Cola and CokeTM.