I have a very complicated dilemma and I think I could use some advice. I sincerely apologize for the length – this is an involved, complicated matter and I want to provide as much pertinent info as needed to describe the situation. If you don’t feel like reading all of this mess, go to the last paragraph for the Reader’s Digest version.
Four years ago, I came up with this idea. I built several of this idea and used the idea, and it worked amazingly well. So – I spent about a year perfecting/refining the design with the intent to manufacture these – at least on a limited basis. During this time, I conducted my own patent search to determine if there were going to be any conflicts. I found absolutely nothing remotely related, so I contacted a patent attorney in DC who conducted an official (expensive intern) search that yielded the same results as my economy search - nadda. That sentence took a few seconds to type – the entire process took many, many months of very late nights compiling information, pictures and drawings.
I had an attorney draft the application (again – many months of time) and it was submitted and subsequently published on the USPTO website - yippee. Now, three years later, the USPTO contacted the attorney with a laundry list of technical issues with the application – some related to claims, some related to drawings – mainly formalities, nothing that would put the brakes on the application or the issuance of the patent. The attorney now wants another 20 hours of fees to begin to straighten this out – and this is round one. There could be more. About three months ago, I took possession of a commercial shop so money is extremely tight as I try to get the shop moving. I just plain, don’t have the $$ for the fees right now and can’t foresee having the funds for anything that’s useless to the business (if you consider the patent useless, which is what this post is asking - the value of a patent to the business).
My concern is that the product is extremely unique and has extremely large market potential worldwide. I am covered as far as public domain because it was applied for before it was exposed to the public. I am certain it will be copied, but what can I do about that – I can do a US patent eventually, but I doubt I can afford an international patent ($100+K) – let alone the prosecution expenses for infringement which would be ridiculous in an international suit.
The value of the patent to the company is to protect the US market and possibly the North American market as well. The other benefit is that if the company fails to survive before we can really get our foot in the door, having a patent would be helpful to either generate some revenue from Vulture capitalists or a bank loan – or just sell the patent rights and close the doors, or any combination – all of which have been evaluated at one time or another over the last four years.
This privately held, personally financed company can exist without this patent and visa-versa. SO – should I allow the patent to go abandoned and try to pick it up later if/when things look more promising? Paying the attorney fees is going to kill me financially for a few months and the lease on the shop will be extremely wasteful as I would not be able to buy the supplies and components needed to make progress. I really don’t know exactly what is more important - making progress on the product or making progress on the patent. The attorney thinks the patent is a priority but I think making progress on the business/product is the priority. I can’t do both, so I must choose. I am not willing to get a loan for such a thing.
I have a meeting with the patent guy this weekend and I need to make a final decision on my path.
Thoughts??
Scott