Wait, don't patent that invention!

You have a great idea and think if you just file a patent, you can make millions. Think again. The patent ecosystem is very lucrative for patent agents, the patent office, patent litigators – everyone (except you) makes a lot of money filing and defending your patents. That's why you see so many Google ads when you search for the word patent. The ecosystem wants to help you get your patent because its highly profitable for them.

Yes, as the owner of the patent you get a monopoly. You have the sole right to exclude others from making, selling, using or importing your invention. So the question is what are you going to do with your monopoly? Build a product, license it, sell it? Perhaps you want to become an entrepreneur. Well the probability of succeeding is exceedingly low.

So unless you have a plan for your invention and some big money behind it then you better think again. You could do nothing about it. But then you'll probably kick yourself when you see someone else profiting from the idea. How many times have you said "I had that idea". There is another option.

Give it away. What does that mean and how do I profit from that? What I mean is publish the idea on a web site called Wikinvents.com and give the invention away to anyone who wants to implement it. No, you don't profit from it. Yes, it's altruistic. But at the same time it levels the playing field for everyone. You see, by publishing it you prevent everyone from that point on from getting a patent. The benefit is that if the invention is used in the industry there will be no monopoly and thus cheaper for you and me. It's like the open source, your willing to contribute the idea for everyone's benefit – no monopolies!

So the next time you get a brain wave for a great idea and don't plan to monetize it then publish it. Don't just file a patent. Odds are that the only people profiting from the idea is the patent agent, the patent office and patent litigators (if you get that far). You will likely burn through a lot of cash for nothing.

See Wikinvents for more information.