Very often, commercial entrepreneurship begins with an idea thought up by an inventor, who has found a solution for a problem, which can be efficacious or make life easier or more convenient for the population at large. Inventors think up ideas in every aspect of life – consumer products for the home or office, security and rescue products, products that improve process efficiency, save time and resources, ideas in the field of medicine and the list is endless. In very many cases, the entrepreneur does not know how to implement the idea and begins to gather information that will enable a search for the details that will allow the inventor to implement the idea.
The stage at which the idea is still crystallizing in the inventor’s mind, is also the stage at which commercial entrepreneurship begins and the inventor’s activities will really begin to move forward if the inventor works towards making progress to the point of implementation of the idea as an invention that will reach manufacturing and distribution – either independently or through companies willing to invest in the development and promotion of the invention.
Many ideas are never implemented because the inventor does not take the steps that will promote the invention, either in terms of the entrepreneurial aspects and the sale of the idea or in terms of developing the invention to the implementation stage. One way to go about this process is to build a proper strategy ensuring minimum cost from the initial idea stage to the finished product and sales stages.
At the idea stage it is a good idea to take advice from experts and companies specializing in the development of patents and help the entrepreneur in terms of the technical aspects. In other words, they help with brainstorming between the entrepreneur and the technical experts, who can advise the inventor. Often the solutions found already exist and the technical professionals know how to use them to implement the new idea.
When an idea has solidified into an invention and there is sufficient technical data available, it is possible to move on to the request of patent stage. If the request for patent complies with the requirements in Law and the request for patent has been examined by a patent examiner at the Patents Office, a registered patent will be granted.
Registered patents are tools used for commercial entrepreneurship. By registering a patent, the inventor and entrepreneur can garner profits from the invention and can commercialize the invention, even at a relatively early stage. One of the most common methods used to make profits through commercial entrepreneurship is to sell the patent or grant a license to use the patent and receive royalties from the company purchasing the rights to the patent from the inventor.
Many companies actively seek to purchase patents from inventors and commercial entrepreneurs and that is how cooperation is created between companies already well established in the field of the invention and the inventor, who very often, does not work in the field of the invention. People come from a wide range of fields and sometimes, their knowledge set and background is very different from professionals in the field and in some circumstances, that will mean a new idea in that field. However, it is also important to consult with experts in the field of the invention, to check and to hear what professionals in the field have to say because usually, they have specific knowledge of the patents and innovations in their fields of expertise.
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