This is a subscriber-only article. Join Entrepreneur+ today for access

Learn More

Already have an account?

Sign in
Entrepreneur Plus - Short White
For Subscribers

10 Myths On How To Patent An Idea Or Invention Your brilliant idea needn't fall by the wayside simply because you don't want to deal with the patent process. We've shattered the top 10 myths so you can see your way clear to patenting your product.

By Jasmine Pui

Opinions expressed by Entrepreneur contributors are their own.

Given that most businesses aren't built on truly original ideas, patents can seem like more trouble than they're worth. However, integrating patents into your business plan, regardless of whether you're an inventor, is one of the most overlooked elements of a successful business.

Freelance licensing agent (read: Mr. I Know All About Patents So You Can't Fool Me) Stan Weston gives us an idea of how important patents can be. He came up with the G.I. Joe action figure idea, and Hasbro offered Weston a choice of either $100,000 or $50,000 upfront, with a 1 percent royalty once sales passed $7 million. Weston chose the $100,000-and lost out on an estimated $20 million in royalties over the next 30 years.

While you may not see such drastic differences in earnings, there are 10 myths about patents that may be holding you back from getting the most out of the concept that got your business started in the first place.

Editor's Pick

Related Topics

Business News

Kevin O'Leary Says to 'Survive the Rest of Your Life' You'll Need This Hefty Amount in Your Bank Account

The "Shark Star" explained the concept of passive income based on interest rates.


Why Most People Fail at Giving Presentations — and How to Make Your Next One Successful

Here's what I learned guest lecturing at Stanford: You can become a better presenter by following the "Two Points per Hour Rule."

Growing a Business

10 Creative Content Ideas Inspired by Gary Vaynerchuk to Break Through the Noise

Vee stresses the importance of building lifetime value by capturing audience attention first before chasing immediate conversions.


If You Want People to Follow You, Stop Being a Boss — 8 Steps to Truly Effective Leadership

Understand the key differences and embark on the journey from boss to leader with these eight vital steps. This article unveils how to inspire and lead teams with passion and purpose.

Business Process

50 Simple Questions to Ask Yourself Before the New Year

These questions, focused on branding and business growth, can help brands capitalize on past events and help you plan for the year ahead.

Side Hustle

This Millennial Dad Just Wanted to Help His Daughter Care for Her Bearded Dragon. Then His Cricket-Breeding Side Hustle Exploded — Earning $27,000 in One Month.

It wasn't Jeff Neal's first attempt at a side gig, and before long, the "prototypical millennial side-hustler" realized his product had major potential.