Patents are not easy to get. They require a lot of work and money and then you are not even guaranteed you will get one. From beginning to end a patent (whether technology, design, software, or hardware) can cost around $25,000. If you have a very simple invention it could be a bit lower. Some can run as high as $50,000.
Some of the factors you need to consider are:
Will a patent increase the value of my company to potential investors?
Is my competition on the verge of filing a patent on a similar product?
Do I need some lead time to get my invention completed?
Increase Value of Your Company:
If any of these things are applicable you may want to spend the money to get a patent. For instance if you own a company that can build this product, you may be able to get financing from a bank or from investors if you have a patent on the product as you can read from https://kulturehub.com/inventhelp-step-by-step-guide-inventor/.
People will feel more secure putting their money into your idea if they feel it stands a chance to pay off in the long run. A patent would help.
Beat Competitors to the Punch:
If you feel that your competitors are biting with a similar invention, this may be a time when a patent is really worth the money. You can file a provisional patent application which does not even require you to stay specific claims.
You would have a year in which to file a full patent application on your invention. You may want to talk to a patent agency like InventHelp or attorney before filing this so that you do not limit yourself on what you can file on your full application.
Do I Need Some Lead Time?
If the invention is not completely ready yet, you can file a provisional patent to give yourself another year to pull the details together. Again this just sort of holds your competition back a little to give you more time to pull your plan together.
Getting a patent is expensive and a massive undertaking. Think about the things talked about in this article and if you still feel that you want a one then a patent is really worth the money.
