One of the biggest myths about intellectual property is that once a patent is filed, success is guaranteed. Rarely is this true as less than 3% of patents go to market, and even fewer generate profits. Being the first to patent doesn’t mean a smooth sailing experience and a market breakthrough. A lot of things need to be considered, which is often much more than what budding inventors, entrepreneurs, and startups are prepared to handle. Rabbit Product Design, an end-to-end product development company, offers a way to make things easier with a comprehensive guide on navigating the patent landscape and finding the best way to move forward for a higher ROI.
According to the firm, actually getting the product to market is the single most crucial thing for product idea or invention success. The patent process is not only costly but also time-consuming and complicated. As laws become more complex and regulations tighten, the entire patenting process can extend to 2 years or more.
During this time, one would have to shell out a massive amount of money and resources to fund the requirements for filing a patent. With a limited budget, the progress can halt. Many have fallen into the patent pit, unable to develop their product and make a profit. However, if patenting is left for later, the funds could go towards refining the idea – designing, prototyping, and manufacturing – and eventually marketing.
A patent is only valuable when a market for it exists. It’s the inventor’s job to make consumers aware of their idea’s value. Advertising and branding are the keys to increasing product awareness, highlighting competitive advantages, and attracting purchasing customers. Advertising educates customers on how a product delivers convenience and solves problems, while branding builds credibility and customer loyalty. They drive more sales and increase ROI, much better than a patent can.
By leveraging years of industry expertise and its proprietary four-phase process, Rabbit Product Design is well-positioned to help entrepreneurs and inventors successfully launch their products so they can establish their brand, get the first-move advantage, and generate revenue and profits. The firm has a team of only senior-level designers, engineers, prototypers, and marketers. Rabbit is the only design firm in the U.S. with an in-house legal team to perform patent research to minimize the chance of patent infringement before starting the design process.
Since its inception, Rabbit Product Design has helped launch thousands of products – from smart devices to lifestyle items and wearables.
Interested parties serious about launching their idea to the market can schedule a call with Rabbit Product Design to learn more: https://www.rabbitproductdesign.com/.
Media ContactCompany Name: Rabbit Product DesignContact Person: Adam TavinEmail: Send EmailPhone: 650-395-9988Country: United StatesWebsite: https://www.rabbitproductdesign.com/
