Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Obtaining a Patent and other Invention topics.
If you want to patent an invention that you've created, you might make a lot of money. The stories are everywhere of everyday people who made life simpler and reaped the financial benefits. However, it's often not mentioned that these inventors had to first invest in their own discoveries. The old adage says: you have to spend money to make money, and it's most often true.
One of the ways you need to invest in your novel idea or product is by paying its initial patent filing fees. An initial filing fee may cost you about $150 and is non-refundable even if the patent is rejected. This fee covers the cost of having your patent application reviewed by a professional examiner. An issue fee will be required if your patent is granted and that is likely to cost about $650. Make sure you check the current fee schedule before you file a patent as these numbers change on a yearly basis. Keep in mind the entire patent process can take from one to five years, but you can pursue selling your product in the meantime to help offset some of these and other fees.
If your patent is accepted, you'll also be required to pay maintenance fees to retain the protection. These fees are paid at certain intervals and increase as the life of the patent increases. You can expect to pay up to another several thousand dollars to maintain your patent. Patenting is expensive business but, if your idea and marketing are shrewd enough, you can make that money back in profit.