Connect with us

BUSINESS

Don’t Miss This Step in the Inventing Process

Don’t Miss This Step in the Inventing Process

One of the biggest challenges entrepreneurs face is staying on top of everything. Your time is limited yet you have to be productive while responding to emails, ensuring your website works perfectly, organizing projects, networking, researching, and managing social media. Being an entrepreneur takes a special kind of drive, passion, and hustle. Stepping out of your comfort zone and trusting in your vision, knowing there is no guarantee it will come to fruition is a scary path to travel. By nature, the path is unstable and is bound to go through multiple, unpredictable shifts. Not to mention the investment aspect of both time and money. So it makes sense that entrepreneurs are on a constant search for strategies and tools that will help them manage their time and efforts, and maximize their productivity, with the goal being to become successful and profitable.

Instinctively, entrepreneurs utilize basic tools such as digital planners designed to map out a business strategy, set growth goals and organize business operations, and various software for project, email, accounting, and social media management. Software such as Slack, PandaDoc, Hootsuite, Trello, Asana, Expensify, Mailchimp, and Due are all designed to help entrepreneurs save some time with day-to-day tasks so they can start enjoying the benefits of automation, and extra free time for focusing on what matters most. These resources provide solutions by helping to build and support the framework of a small business, but what about protecting the ideas that you have worked so hard to develop – the ideas that will eventually help your business succeed and prosper. There is always the possibility that after all the hard work, the late nights, the countless meetings, and investments, someone else will swoop in, steal your idea, and take all the credit.

The current patent research process costs time and money that the average entrepreneur simply has very little of. Before applying for a patent to the United States Patent and Trademark Office, the applicant must go through every related patent and ensure that their idea is indeed unique. If they fail to do their due diligence, and their idea is too similar to an existing patent, their application is denied.

To complete this research process, the entrepreneur either has to sift through possibly thousands of patents, analyzing designs and materials used to ensure that their idea is unique, or, they pay a lawyer thousands of dollars to do the work for them. Neither of these options are enticing to a bootstrapped startup.

Imagine spending countless hours researching your idea and submitting your application, only to realize you have missed a similar patent, resulting in being denied and having to either restart the process or amend your idea. Entrepreneurs do not have the luxury of losing valuable time and expending energy when the result is counterproductive to their vision. Most startups are a one, maybe two person enterprise that requires efficient time management and a savviness for identifying and utilizing resources that help them work smarter, not harder.

LOCIsearch, a DIY research platform powered by Loci, provides an easy-to-use, cost-effective, and streamlined alternative to traditional methods of patent research. The platform allows budding entrepreneurs to search the patent database using keywords. Search results are displayed in a Venn diagram, providing a clear analysis of the patent landscape. LOCIsearch grants the user a better understanding of saturated markets as well as identifies where there is room for improvement. At a fraction of the price of hiring a patent lawyer, LOCIsearch is an ideal solution for entrepreneurs looking to do their own intellectual property rights research. LOCIsearch runs on a subscription basis and is available for purchase using a credit card or their native token, LOCIcoin.

Built on blockchain technology, LOCIsearch enables the user the to stake claims on their unique ideas. Staking a claim gives the user a 12 month grace period to officially file for a patent with the United States Patent and Trademark Office. LOCIsearch provides verifiable proof on the immutable ledger regarding the creator of an original idea. This protects entrepreneurs and inventors’ intellectual property and ensures that they receive the credit for their next big idea.

Another perk? Say you don’t want to necessarily develop your idea, you just want to claim intellectual property rights to it. That’s fine. Users can participate in IP pools made up of several related patents that are available for purchase by large corporations. Corporations buy up IP pools from entrepreneurs to broaden their reach and have free reign over their development process. When an IP pool gets bought, every inventor within that pool gets a nice payout. It can potentially pay to take the steps necessary to protect your IP rights.

LOCIsearch is the perfect tool for entrepreneurs to protect their ideas with the assurance that there is adequate time to research and fine-tune. Any tool that helps increase productivity makes sense to every entrepreneur.

The end goal for an entrepreneur is to utilize tools that will help them save time, experience growth, and ultimately validate the financial risk they have taken by seeing profitability. LOCIsearch is not designed to guarantee that success but it is designed to provide entrepreneurs with a resource to protect their ideas and business from imitators, making sure that their hustle doesn’t go to waste.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Recent Posts