PPA’s (Provisional Patent Application) can be a great tool when used properly, but in a large number of cases the Inventor does not get the full use of the PPA. Why? Because a large majority of Inventors rush to file a PPA without looking at the biggest disadvantage a PPA has, which is time. You have 12 months from the time you file before it expires. (Disclaimer: I am not a patent lawyer so this is not legal advice, just my opinion).
Talking with numerous Inventors over the past 17 years one of the biggest pitfalls Inventors hit was they ran out of time on the PPA and now have to make a decision on filing a Utility patent and don’t have the funds to proceed. Or they decided to refile the PPA and lose the filing date as well as there can be issues with the expired PPA being prior art.
Inventors get an idea and are reluctant to wait to file the PPA for a variety of reasons. Some reasons such as; the fear someone will steal the idea, someone will file before they do, think they will lose millions if they don’t, get pressured by an invention submission company making them feel if they don’t file today all could be lost, friends and family tell the Inventor this is the best idea they have ever seen and everyone will buy one once they get it to market.
These reasons above and others prompt the Inventor to skip a crucial couple of steps such as; doing research to see what is already out there, competition on the market, does their idea answer the Better Than question, is it already patented. Then come the inevitable question once they have filed the PPA “ What do I do next?”
Once they have filed the PPA the clock is ticking. They have not considered do they want to build a business around the idea or license it to a company. If they do decide to build a business around the idea some realize that they are not ready to build a business due to all the challenges that represents or they realize they don’t have the skill set to do this.
Some that decide to license the idea to a company realize they don’t know the first thing about contacting companies, which companies to contact, what type deals they can expect, what questions to ask a company they approach with their idea.
By the time some of these Inventors get an understanding of the direction they want to go whether that is building a business around it or licensing 5 to 6 months have gone by leaving them six months on their PPA to utilize.
If they decided to license the idea they are now learning that some companies can take a couple months to review, evaluate, test and respond back to the Inventor if they have interest. Others may ask for a sample which the Inventor may or may not have at the time and will lose more time having this built. They realize their idea needs to be refined due to the feedback they have gotten taking up more time. Contacting multiple companies at the same time can save some time. But if you have a day job keeping up with this can be challenging. These are just some of the issues the Inventor needed to consider before starting the time clock. Same goes for building a business around your idea and working a 40 hour job at the same time can be a challenge they had not considered.
Inventors need to do as much of the legwork, due diligence, research upfront before they file a PPA so they can utilize the entire 12 months and have a plan on what they will do if the PPA is about to expire and they still have not found a company to license it or are still working the bugs out of their product and building a business around it. And don’t forget figuring out any funding you will need along the way and when the PPA expires.
I am not saying you can’t make it work. I am saying the more prepared you are and have an understanding of your strengths and weaknesses the better your chances and the more informed decisions you can make to help you find success.