Are you an idea person with little interest in running a company or producing the product? If you don’t have the personal knowledge to be comfortable producing and marketing your product for consumers, that doesn’t mean you can’t make money off of your great idea! You may be in a position to sell your patent. The U.S Patent And Trademark Office refers to this as assignment. But what do you need to know before you try to sell your patent and what can you expect?
Know The Economics
So how much money do you make selling your patent? There’s no one right answer; this largely depends on what the patent is and how much of a profit the patent holder can make from selling products. If your product has a lot of production costs and gains little consumer interest, the potential patent buyer may be reluctant to pay you very much for it. Be realistic and do your research so you can negotiate effectively with your buyers. Even though you don’t plan to produce your product yourself, understanding the production requirements will help you get paid appropriately for your patent!
How Do You Find A Buyer?
Some inventors are approached by potential buyers who are eager to pay they for their patent because they feel passionate about the potential of the product. Other times the inventor may need to market their patent on their own to find a buyer. You’ll have to do some advertising to let others know about your great idea that is up for grabs. There are online resources like marketplaces and newsletters that may be able to connect you with potential buyers. You also may be interested in using the services of a broker. Their job is to market your patent to to manufacturers for you. Another option is to reach out to potential buyers directly with personalized messages, giving buyers your estimate for production costs and profit.
Other Options
If you are interested in maintaining some of the legal rights to your patent, you may be interested in a partial assignment to a new patent owner so that you will become business partners. You also may be interested in licensing your patent. This would allow you to own your patent while allowing someone else to manage the production and marketing of products. Speaking with an Intellectual Property attorney can be a great help in deciding which option is the best for you. You will definitely want an attorney in your corner if you go with one of these methods so you can be sure that you understand any deals you make and know that everything is in your best interest.
The Paperwork
Did you find a buyer? Did a manufacturer fall in love with your patent and approach you to purchase it? If you’re ready to sell, seek out the services of Garcia-Zamor and know that you’ll be in great hands and that every detail will be taken care of. This will free you up to come up with more great inventions and take the stress of patents away from you! Feel secure with Garcia-Zamor’s two decades of experience and know that your legal rights are protected.
