If you’re reading this, we know what your biggest concern is: money.
Innovation costs money.
But you know what’s more expensive? Investing in research, development, and launching a new idea without protection.
Publishing your idea with no intellectual property protection plan is like inviting everyone to come and copy your idea.
In all our years of working with innovators, we know big budgets are not always available but that doesn’t mean you can’t have IP protection. There are other options you can consider if you don’t have the budget to file for a patent yet.
These are the best options you have to protect your idea without breaking the bank — what people often refer to as the “poor man’s patent.”
Option #1 Get a provisional patent
This is the most recommended poor man’s patent option and the one that will protect you the most.
The provisional patent application is only available at the United States Patent and Trademark Office (USPTO). It’s a preliminary patent application, with fewer requirements than a general, full patent application.
If you’re looking to file first and quickly secure your idea with legal protection (and save money on filing), then a provisional patent application is a great choice.
Provisional patent application compared to a regular patent application
As you can see, a provisional patent has many advantages.
One of the biggest and most notorious one is that you can use “patent-pending.” This is great if you’re looking for investment because investors love to see that!
Stating that your patent is pending is also a sign of you taking your idea seriously.
Another benefit is that the moment you file for your provisional patent, you’re securing an early filing date.
The patent system is a first-to-file system, not a first-to-invent system. This means that the first person to file for a patent is the one that can claim the idea over anybody else (it doesn’t matter if someone invented it first). In this case, filing for a provisional gives you that first-to-file advantage!
Just remember, after you file for a provisional patent, you have 1 year to file for a non-provisional one. But, since you already did some work for your provisional, filing for your patent will be easier! And, if you worked on more development, you can add this information to your non-provisional.
If you want to know more about how to file for a provisional patent, we have a complete guide to provisional patents that you can read here. This guide has straightforward and easy-to-follow information, it’s perfect so you can start your process!
Option #2 Publish as fast as possible
Now for a poor man’s patent option with some risks.
A lot of innovators ask us if it’s better to publish fast or to patent fast. In fact, we wrote a blog post about the topic that you can consult here. There’s no answer that works for every company and our general advice is to always file for a patent. But, since you’re short on money, there are other strategies you can consider.
Publishing fast is another option if you want to start making money with your idea as fast as possible.
The good thing about publishing your idea fast is that the moment you publish it you have 1 year of patent filing priority just for you where others are blocked to do so. Also, publishing fast means that everybody will know about your invention!
It’s important for you to know what publishing means because even having a private talk in a public place — like on a shuttle bus at a conference — could potentially count as a publication.
Be aware of where you’re publishing your idea. Social media, websites, articles, and blog posts count.
From the moment you publish your idea, you have exactly 1 year to file for a patent.
Publishing your idea in the US
A big disadvantage of this option is that you can’t file for a patent outside of the US. If you have a business that can potentially be international, then publishing your idea fast is not a good choice.
If you want a more secure option, you can file for a provisional patent first, then publish your idea, and finally get a non-provisional patent. This also gives you the opportunity to file outside of the US.
Option #3 Trade secret
Trade secrets are sometimes called the fourth type of intellectual property after patents, trademarks, and copyrights — a third option for the poor man’s patent.
A trade secret is any information that has value by virtue of not being generally known. It can be anything from a recipe to a formula or a process.
The trade secret must be used in your business and give you an opportunity to obtain an economic advantage over your competitors, competitors that don’t know the secret, or don’t know how to use it.
One of the most famous examples is the Coca-Cola formula.
Remember that once you have a patent for your invention, the information is publicly available. The patent is yours to use, license, or sell. But, there are other types of inventions that are better staying secret, just like the Coca-Cola formula.
Trade secrets protect most of what makes a business truly unique. But be careful. For example, if your trade secret is in your UX (user experience) then it’s not a trade secret since it’s published.
For a trade secret to be so, you need to take the measures to keep its secrecy. You don’t need to make a filing process as you would do for a patent, so in that sense, it costs nothing. Trade secrets don’t have an expiration date, they last until they’re discovered or lost.
As easy as it sounds, it requires a lot of effort and most of the time, money to keep a trade secret well… secret.
To keep a trade secret safe you need to put procedures in place. One of the first steps you might take is to make your employees or partners sign confidentiality and non-disclosure agreements. Depending on what you’re developing, you might want to have control of the people that enter your facilities. You’ll need to identify risks and take measures to reduce them.
Trade secrets are common in many industries but they offer limited protection. If you fail to maintain the secrecy of your idea or if the information is leaked somehow, then the protection is lost.
You need to be strategic about trade secrets and consider if you should indeed keep it secret or if you would get more out of it if you published and protected it with a patent.
One of the biggest disadvantages of trade secrets is that, unlike patents, they don’t protect you from independent discovery. So, for example, if you’re trying to protect with a trade secret a process you use in your company and someone else discovers it independently they can file for a patent and block you from using your own idea.
What’s your best option for a poor man’s patent?
It really depends! But it doesn’t matter which route you choose, you need to know the advantages and disadvantages of each option.
In short:
Intellectual property protection options if you’re on a low budget
When budgets are limited, you need to get creative!
We hope these options gave you some ideas on how to keep working on your idea without the risk of it being stolen. You don’t need a big budget to start protecting your idea with your patent but you DO need a strategy!
And, if you have any questions, you can always book a free patent consultation call so we can talk about your options. We’re always happy to help!
Wondering if your idea is patentable? Have a question about this article? We can answer all of your questions — just hit "contact us" down below!
