Startups
The Power of a Patent
October 2018
© Company Reimagined
If you have a great invention, an out-of-this-world innovation, an industry disruptor beyond disruptors, then you need to take steps urgently to secure a patent. Not all new ideas, concepts, products, and services fit these categories of uniqueness, and they may not be suitable for a patent, so determining qualification can be a process in itself.
Many entrepreneurs want to get legal protection for their product, but are uncertain about how to go about it. They may procrastinate too long and are crushed when someone else moves forward with the same brilliant idea. Don’t let that be you. In this article, you will learn the patent types and the process to apply for a patent.
There are three primary patents that the United States Patent and Trademark Office (USTPO) provides and administers for inventions that are unexpected, novel and useful.
Utility Patent
This patent protects against infringement on newly invented products and services. While inventions are limitless, not all would be given Utility Patent rights. The type of inventions that can be protected in this realm are tangible products, like machines, computer hardware, chemicals, chemical processes, and medical devices. It is important to note that a Utility Patent is valid for 20 years.
Design Patent
Your design may be the maiden edition that has come to light, but if not protected, it can lose that first mover status. A design patent protects objects that have a one-of-a-kind appearance, like furniture, or unique, cultural, and creative designs such as screen icons or app design. Design patents last 14 years, and this means no one is permitted to use the design(s) without legal authorization from the creator.
Plant Patent
As the name implies, a Plant Patent is used to protect a plant’s key characteristics from being copied, sold or used by others. A plant patent is for newly invented strains of asexually propagated plants which are grown by grafting and rooting, not seeds.
How long is the patent process?
It takes nearly two years to secure a U.S. patent, so it is a significant time and financial investment. The term patent pending is used to describe the status of an application filed with the USTPO, but still awaiting a determination.
To get a patent, you would have to go through various steps.
First, you would have to hire a patent attorney to help with all the complicated patent and legal issues. The attorney would help you search for the same or similar patent because if there’s already one of your brilliant widgets in existence, someone has beaten you to the punch. After the attorney is sure of no impending infringement, he or she would prepare and submit an application for your patent and then wait for it to be processed and accepted by the USPTO. The period between the first step and the last varies based on the number of patent applicants for that year. In 2014, there were more than 500,000 applicants and about 8,000 interrogators available to help complete the process.
How costly is it?
A regular patent can cost between $200 – $600 when it is already pending. A track one process would cost as much as $4,000.
For more information about patents, visit the U.S. Patent and Trademark Office website at uspto.gov, or call 1-800-786-9199.
The Power of a Patent
October 2018
© Company Reimagined
If you have a great invention, an out-of-this-world innovation, an industry disruptor beyond disruptors, then you need to take steps urgently to secure a patent. Not all new ideas, concepts, products, and services fit these categories of uniqueness, and they may not be suitable for a patent, so determining qualification can be a process in itself.
Many entrepreneurs want to get legal protection for their product, but are uncertain about how to go about it. They may procrastinate too long and are crushed when someone else moves forward with the same brilliant idea. Don’t let that be you. In this article, you will learn the patent types and the process to apply for a patent.
There are three primary patents that the United States Patent and Trademark Office (USTPO) provides and administers for inventions that are unexpected, novel and useful.
Utility Patent
This patent protects against infringement on newly invented products and services. While inventions are limitless, not all would be given Utility Patent rights. The type of inventions that can be protected in this realm are tangible products, like machines, computer hardware, chemicals, chemical processes, and medical devices. It is important to note that a Utility Patent is valid for 20 years.
Design Patent
Your design may be the maiden edition that has come to light, but if not protected, it can lose that first mover status. A design patent protects objects that have a one-of-a-kind appearance, like furniture, or unique, cultural, and creative designs such as screen icons or app design. Design patents last 14 years, and this means no one is permitted to use the design(s) without legal authorization from the creator.
Plant Patent
As the name implies, a Plant Patent is used to protect a plant’s key characteristics from being copied, sold or used by others. A plant patent is for newly invented strains of asexually propagated plants which are grown by grafting and rooting, not seeds.
How long is the patent process?
It takes nearly two years to secure a U.S. patent, so it is a significant time and financial investment. The term patent pending is used to describe the status of an application filed with the USTPO, but still awaiting a determination.
To get a patent, you would have to go through various steps.
First, you would have to hire a patent attorney to help with all the complicated patent and legal issues. The attorney would help you search for the same or similar patent because if there’s already one of your brilliant widgets in existence, someone has beaten you to the punch. After the attorney is sure of no impending infringement, he or she would prepare and submit an application for your patent and then wait for it to be processed and accepted by the USPTO. The period between the first step and the last varies based on the number of patent applicants for that year. In 2014, there were more than 500,000 applicants and about 8,000 interrogators available to help complete the process.
How costly is it?
A regular patent can cost between $200 – $600 when it is already pending. A track one process would cost as much as $4,000.
For more information about patents, visit the U.S. Patent and Trademark Office website at uspto.gov, or call 1-800-786-9199.
Getting Your Business Off the Ground
November 2018
© Company Reimagined
In the early stages of your startup, it’s hard to know where to turn for financial help, where to start with investments, and to figure out the ins and outs of the business startup environment to make it work for you.
Do you go on Shark Tank?
Do you apply for a business loan at your bank?
How about local or national pitch competitions?
Maybe crowdfunding sites Indiegogo or Kickstarter are the answer.
Do you bootstrap your dream business yourself by keeping your day job?
These may be viable options, at some point. If you’re a small business proprietor, entrepreneur, or owner of a startup, our goal is to help you understand where you can find financial help when you’re just starting out. Through various financial stages and resources, you’ll be able to get your business launched and on the way to success. We’ll review some important terminology that will help you understand the industry more.
Family and Friends
Family and friends are your best source for funding to get your business on its feet. In fact, according to Inc., investments from family and friends account for more than 70% of all venture dollars for startups and small businesses. Talk to them about your business and sell it like you might to an investor.
However, make sure that any money that you receive for your business from family and close friends is done in writing, to make sure you keep track and have a record of the agreement. Whether it’s a gift, a loan or an equity investment, all need to be recorded.
Early Stage Investors
Early stage investors are individuals or groups that offer financing to small businesses. There are different types of early stage investors who can help you get off the ground. According to Forbes, being a female entrepreneur can help you attract an early stage investor. Fifty-one percent of female angel investors consider gender of the founder to be an important factor when deciding where to put their investments.
Angel Investors
You can approach an angel investor, a person whose primary interest is helping small businesses by providing investments, in exchange for equity in the business. These individuals are typically quicker to provide finances than banks are, so it’s a good option for those looking for those initial funds to get started.
Venture Capital
Venture capital is the financing that investors offer small businesses just starting out that they feel have a shot at really making it in the future. These investors then get a stake in the business, meaning they’ll profit if the business profits. That way, investors don’t get involved in businesses they know are too risky, and they’re eager to put their money toward startups and small businesses that they think have a chance at success.
Partnership Equity
Partnership equity is the percentage that a partner has in the business as ownership interest. The contributions of all partners added up with the retained earnings of the business are equity.
Series A, B and C Funding Rounds
These rounds of funding come after your business is prospering, and it’s up and running successfully. When you’re making a profit, have a sizeable user base or there aren’t any significant problems, you can engage in Series A funding rounds. This involves getting investors to again, put money toward your business to take you to the next level. You have to be able to prove to investors that you have a realistic long-term plan for the future, and ways to boost revenue.
Series B funding is the next round, where investors are putting funds toward helping your business grow even further. Similar to Series A, Series B involves a successful business, convincing investors that it’ll only get more successful with their funding.
Series C funding is for businesses who have made it, proven their value, and are succeeding on their own. This level is for businesses that are years in the making, and who are working on more of a partnership level now with investors.
In addition, there are many other financial resources available to entrepreneurs, startup owners and small business proprietors. Ongoing research efforts, networking, being resourceful and diligent are key to identifying financial resources whether it’s for early stage business launches or mature, existing business enterprises seeking to grow.
If you’re early on your business path or in a pinch, consider applying for a small, business grant from Company Reimagined to help fund your dream. It’s an easy, yet competitive application process for $25 for a chance to win a monthly grant. Winners of the monthly grant become eligible for the larger annual grant competition. Check out the details at companyreimagined.com.
Getting Your Business Off the Ground
November 2018
© Company Reimagined
In the early stages of your startup, it’s hard to know where to turn for financial help, where to start with investments, and to figure out the ins and outs of the business startup environment to make it work for you.
Do you go on Shark Tank?
Do you apply for a business loan at your bank?
How about local or national pitch competitions?
Maybe crowdfunding sites Indiegogo or Kickstarter are the answer.
Do you bootstrap your dream business yourself by keeping your day job?
These may be viable options, at some point. If you’re a small business proprietor, entrepreneur, or owner of a startup, our goal is to help you understand where you can find financial help when you’re just starting out. Through various financial stages and resources, you’ll be able to get your business launched and on the way to success. We’ll review some important terminology that will help you understand the industry more.
Family and Friends
Family and friends are your best source for funding to get your business on its feet. In fact, according to Inc., investments from family and friends account for more than 70% of all venture dollars for startups and small businesses. Talk to them about your business and sell it like you might to an investor.
However, make sure that any money that you receive for your business from family and close friends is done in writing, to make sure you keep track and have a record of the agreement. Whether it’s a gift, a loan or an equity investment, all need to be recorded.
Early Stage Investors
Early stage investors are individuals or groups that offer financing to small businesses. There are different types of early stage investors who can help you get off the ground. According to Forbes, being a female entrepreneur can help you attract an early stage investor. Fifty-one percent of female angel investors consider gender of the founder to be an important factor when deciding where to put their investments.
Angel Investors
You can approach an angel investor, a person whose primary interest is helping small businesses by providing investments, in exchange for equity in the business. These individuals are typically quicker to provide finances than banks are, so it’s a good option for those looking for those initial funds to get started.
Venture Capital
Venture capital is the financing that investors offer small businesses just starting out that they feel have a shot at really making it in the future. These investors then get a stake in the business, meaning they’ll profit if the business profits. That way, investors don’t get involved in businesses they know are too risky, and they’re eager to put their money toward startups and small businesses that they think have a chance at success.
Partnership Equity
Partnership equity is the percentage that a partner has in the business as ownership interest. The contributions of all partners added up with the retained earnings of the business are equity.
Series A, B and C Funding Rounds
These rounds of funding come after your business is prospering, and it’s up and running successfully. When you’re making a profit, have a sizeable user base or there aren’t any significant problems, you can engage in Series A funding rounds. This involves getting investors to again, put money toward your business to take you to the next level. You have to be able to prove to investors that you have a realistic long-term plan for the future, and ways to boost revenue.
Series B funding is the next round, where investors are putting funds toward helping your business grow even further. Similar to Series A, Series B involves a successful business, convincing investors that it’ll only get more successful with their funding.
Series C funding is for businesses who have made it, proven their value, and are succeeding on their own. This level is for businesses that are years in the making, and who are working on more of a partnership level now with investors.
In addition, there are many other financial resources available to entrepreneurs, startup owners and small business proprietors. Ongoing research efforts, networking, being resourceful and diligent are key to identifying financial resources whether it’s for early stage business launches or mature, existing business enterprises seeking to grow.
If you’re early on your business path or in a pinch, consider applying for a small, business grant from Company Reimagined to help fund your dream. It’s an easy, yet competitive application process for $25 for a chance to win a monthly grant. Winners of the monthly grant become eligible for the larger annual grant competition. Check out the details at companyreimagined.com.