The decision to seek a patent should be thoroughly and carefully considered. The process can be expensive, lengthy, and frustrating.  Yet, the rewards can be substantial.

Generally, one should seek a patent if the expected risk-adjusted returns justify the investment in the patent.  For some, merely having their name or their company's name on a patent, or a patent number on their product, is incredibly valuable, particularly when marketing their capabilities to potential employers, employees, investors, customers, etc.

For others, the opportunity to obtain royalties or other forms of licensing revenue from those who wish to manufacture and/or distribute the patented item is an ample justification.

Others find the right to exclude competitors from making, using, importing, or selling the patented invention to provide a sufficient reward for their investment in obtaining the patent.

Despite the beckoning of these potential benefits, recognize that the patent process is moderately risky.  For example, not all patent applications result in issued patents. In the US, roughly 70% of filed applications eventually emerge as patents.

Yet the likelihood of success can be greatly improved.  Generally, the better the patentability search, the better the preparation of the patent application, and the better the prosecution of that application, the greater the odds are that the application will be issued. And the better the business plan, and the better the implementation of that plan, the greater the likelihood that a substantial return will be earned on the issued patent.

So weigh carefully the potential benefits, costs, and risks, and develop an appropriate plan for obtaining a reasonable return on your patent investment.