Make a mistake at this stage and the idea - and all the hard work involved with development and manufacturing - is potentially wasted if the concept isn't adequately protected.

You could be doing all that work for someone else to benefit.

What You Can Patent

A patent can be granted on something that is new, that can be made or used. The item must be inventive in terms of it being an improvement on something that already exists.

Having a patent gives you the right to take legal action against anyone who makes, uses, sells or imports it without your permission.

 I would advise anyone who decides to enter the patenting process to take it as seriously as starting a business or taking out a mortgage. It is not something you should go into half-heartedly. Unless you've got cash to burn, this isn't the time or place to go chasing vague, poorly researched hunches.

With that in mind, entering the patent process should really be your first building block in creating an invention driven business.

1st common mistake

Unfortunately, many new inventors don't look at the actual demand. Instead they focus on some perceived level of demand that's in their head based on a degree of personal experience - guesswork basically.

So, before deciding to patent something you've created, you will need to know there is a demand for your invention.

From this perspective I would advise that you keep things simple the first time around, so that you can focus on every aspect of getting your idea patented and eventually sold.

2nd common mistake

Some inventors file their own patents, cutting out the patent Attorney or Agent, and doing it this way, although substantially cheaper, may open up your idea to exploitation.

In my case, I didn't feel confident enough to carry this through, and the possibility of leaving a loophole for someone to exploit was a huge concern for me. Instead I decided to focus on finding professionals to help me make the patent water-tight, while I focused on getting some products out into the market. I advise inventors to spend as much time as they need to understand how patents work to protect their IP, it's not an area they can afford to neglect.

3rd common mistake

Most first-time inventors make the mistake of assuming that the high incidences of launch failure are due to poor products.

That's not entirely the case. More products fail because of marketing shortcomings or cash flow calamities. Because of the costs of important parts of the business such as patenting, many businesses run out of money before they're even off the ground. That's a tragedy that can easily be avoided if you go into the whole exercise with a very methodical business mind.

If you're smart enough to come up with a good product, you're certainly smart enough to put the foundations of a sound business in place too. You must make that transition from lone inventor to business owner smoothly. Never forget that the patent clock is ticking and you must hit the ground running once you acquire your patent pending status, and monetise your invention before patent costs kill your dream.

Graham Harris is founder and Managing Director of Tech-ni-Fold Ltd and Creasestream LLP, global leaders in print creasing technology. His invention has saved customers over £8billion to date. His book Against the Grain is available now on Amazon