How to PROTECT Your IDEAS Without Lots of MONEY!

how to get a pat without spending a lot of money so I got a question for one of my YouTube viewers love you guys John mullum we're W to say I want to start with a patent uh that means I need to hire a patent lawyer it's going to be expensive is there a way to apply for a patent in a less expensive way so let me give you some options okay if you're going to if you're going to you know you're worried about money let me give you some mushrooms your first option is you could do it yourself and if you're going to do it yourself you're you know you can go for a full patent your fees alone are going to be just under $11,000 okay those are just fees to the government the other option is to go provisional patent and that fee is under hundred bucks and what that allows you to do is be patent pending for a year but at the end of the year you have to go and file your full Pat so it basically gives you a year to figure out if you can commercialize it or not so the upside is hey it's not cost me a lot of money right 100 bucks for a provisional patent 1,000 bucks for a full patent the danger is you have to do it properly right it's like anything else you know um whatever your business is you know if you are an electrician and somebody says hey I'm going to try doing the electrical wiring myself it's possible but you're probably going to make a lot of mistakes and so is it worth trying to do it yourself some people have gone and done it themselves the ones who've done it effectively you need to invest really a lot of time to educate yourself on how to do a proper Pat because at the end of the day the pat what's going to protect you right when you go out and you uh you know sell your product sell your company the patent is going to be what saves you you want to get Acquired and you have important technology they're going to look for a way around the pat right they don't want to spend millions of dollars acquiring your business they want to do it for cheaper so the patent is the only thing that protects you and if your patent is not solid because you made mistakes in it then then you're going to miss out on your big deal right so that's that's the risk but you can do it yourself by spending a 100 bucks provision or a th000 for the full pack if you go with a lawyer it's going to cost you depending on the lawyer $5 to $10,000 in legal fees to get your patent done the second option this is something that I looked into when I had my first business was partnering up with the lawyer and this is a little more creative and it's something that uh that no law fir will typically promote but the idea is you give them either an equity stake in your business or a piece of any money that's made from the pack and they'll only do this if they love the idea if they think that it's going to make money and ideally why I love using a patent lawyer is I want my lawyer to help give me connections right it's like you don't bring on an angel investor just to try to just to give you money you want an angel who's going to give you connections and ideas and resources right if I'm hiring a lawyer I don't want my lawyer just to give me legal advice I want them to work at my business and give me some help right so a lot of the patent lawyers if you look at a bigger company they may have clients who could use your patent right who could be potential clients or potential acquisition targets right they may look at your business say hey this is such a great idea I want to buy this company out and so that's an advantage of working with the lawyer to help you get there so if the lawyer really likes the idea really believes in you really sees potential and potentially also has some clients within the firm who might be good fits for you then they might come in on a win-win basis and not take any feys up front uh I've structured a deal like that with my business but again it's something that no lawyer typically brings up front because otherwise everyone's going to be pitch media to them so those are your options okay $1,000 do the P yourself $100 with the provisional patent yourself and it buys you a year to go out and commercialize and then go get the full patent number three is go work with the lawyer it cost you $5 to $10,000 and number four is try to partner up with a patent lawyer who loves what you're doing can make some contacts for you and gets paid whenever you win from the pack I believe that's my tips for those you watching you like the video you can uh subscribe to the channel I love my subscribers thank you for joining uh you can support me by clicking on the link in the description and leave a comment below let me know what you think if you've had challenges with patents uh you can put it below you want to share your experience share it below or you have different questions for me put it below too I love seeing those come in um your comments are awesome and they make my day every day so thank you and I'll see you soon

Channel: Evan Carmichael

Views: 140,753

Keywords: Money (Quotation Subject), Patent (Legal Subject), Get, You, Without, business, advice, Lawyer (Profession), patent, less, hire, patent lawyer, answers, Because, Advice (Media Genre), How-to (Website Category)

Id: 4i1Jimw14_U

Length: 5min 24sec (324 seconds)

Published: Sat Sep 06 2014