You've had a flash of genius and invented something novel, and now you'd like to commercialize it. Benchfly's Carlton Hoyt has some ideas on how to do that. First, it's important to deal with the legalities of claiming and owning intellectual property, he says. Make sure you own it, and not the institution you may have been working for at the time. Once that's sorted, you need to file for a patent, which can require thousands of dollars for a patent attorney.