Financial Help for a Patent

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If you are thinking of patenting an invention, you will probably be faced with fees and other financial obligations. You will need to pay all of the fees associated with getting a patent and marketing your invention, but there are grants, loans and other financial support systems that can help you.

Grants

Check with national, regional and local organizations that provide grants to see if there are any funds available. The United States Patent and Trademark Office is a good place to start; the office has awarded thousands of grants for patents across the country. You can also check with local non-profit organizations, universities, and other institutions that may be interested in helping you get your patent.

According to the World Intellectual Property Organization, some government grants or subsidies may be used to get your patent, but also for enforcement of patent and international patent filing costs. Be aware that in order to receive a grant, you may have to write a proposal that will convince the organization to award you money. You may want to hire someone to write it for you.

Loans

Loans are available through banks and other lending organizations, and possibly through individual investors and other, non-traditional financial institutions. Loans can help you cover your patent costs, but you should be aware that you will have to pay the loan money back eventually, so your invention should be one that you're confident you should invest in.

Other Help

Beyond loans and grants, you should talk to a professional about building a solid business plan, according to the Intellectual Property Office. A good business plan will help you avoid losing money on your patent, or spending more money than you should. Also talk to an accountant, because you may be entitled to some tax benefits based on your invention and the expenses you incur while going through the patent process.

References

Photo Credits

  • money money money image by Arman Zhenikeyev from Fotolia.com