Entrepreneurs are an extremely inventive group of people — some of whom are inventors! Invention, after all, is a great way of pursuing the American Dream. After creating a new invention, it can lead to a new business, and even a whole new market (i.e., when Ford invented cars).
If you’re wondering whether or not the title “inventor” applies to you, consider that not all inventors expect to become inventors. Inventing one product is all it takes. After all, busy mom Joy Mangano never got a mechanical engineering degree. Yet, after inventing a mop that could self-wring, she now has over 100 patents with a multibillion-dollar business empire.
But everyone has heard of a horror story where an inventor didn’t legally protect their invention in time, and a larger corporation took advantage of them.
These stories still happen because of apprehension about the legal process or legal fees — but we want to remind our entrepreneurs and inventors that the costs of not getting patents in time can be an even more expensive loss. Without proper legal protection of your inventions, however, you may discover that large corporations may copy your technology and sell it at a lower price without any apprehension. Because of their vast resources, it’s much easier for them to create scale economies and sell a product for a lower price than most small business entrepreneurs and inventors can. Also, there’s always the potential of another competitor patenting your idea before you do.
Take advantage of your head start and join AFEUSA to sign up for discounts toward our partner Legal Shield, where you’ll receive unlimited legal counsel for all your concerns. You won’t have to be left in the dark for legal advice ever again, and you’ll always know when and where to take the next step, including during your patenting process. Best of luck out there, friends!
Article by Charles Jackson, President of AFEUSA