Published 25/04/2017 by Marin Cionca
People and clients often ask me how can they make money with an invention or with a patent if they were to pursue one. Or, they ask, I now have the patent, what can I do next to make money with it? Here are some answers:
Start a business.If you have entrepreneurial experience and/or inclinations as I do, and the necessary time and funds, I recommend starting a business. Nobody believes more in the product you have invented than you do. Especially if the cost of making it is accessible, make it, put up a website, use other online platforms such as Amazon, and start selling. Even if you will not afford to enforce the patent through litigation, the patent you have can give you other important market advantages. For example, it can be used to deter the competition to copy your product and at least force them to spend the time and money to design around if they want to compete. As another example, a patented product often sells better than a non-patented product. Consumers often perceive a patented product to be a superior product. One benefit of making and selling the patented product is that you’ll get feedback from consumers that may inspire you to improve your product even more and come up with further and better version, some of which may be patentable on their own. If not the original patented version, the further iterations may be a market winner.
Grow an existing business.For similar reasons as above, a patent product can be a great addition to your line of existing goods or services. Having patented products in your product line may show the consumers and the market that you are a serious business. That market image may be very valuable to your business success. Further, being a valuable business asset, a patent can be used in many business dealings such as merger and acquisitions, sale of the business, strategic alliances, investor or loan agreements for access to cash, etc.
License or Assign your Patent.If you do not have an existing business and you are not in the mood to start one, licensing may be an option. This is not easy, but I saw it happening. Finding an interested party (e.g., a manufacturer) takes a lot of time and effort. Manufacturers or seller of similar products as your patented product are likely the best targets of licensing efforts. I typically recommend that you reach out to potentially interested patent licensees yourself. In any case, be very skeptical and do your own due diligence when approached by invention promotion companies or individuals that promise to market your invention or patent, while you just sit back and relax! Ask about their success rate, examples of success, milestones, etc. I had clients coming to me very disappointed with this type of entities. Basically, they were asked to continue to pay according to contractual obligations without seeing any results. Again, I recommend making these efforts yourself. Patent attorneys like myself can’t typically assist finding interested parties, but what once such party is identified, we can assist with negotiations and licensing or patent assignment agreements.
Sell your Patent.There are apparently patent brokers and online platforms that purportedly offer to sell your patent for a fee. I am not very familiar with them, but they and their services may be worth exploring.
Marin11/18/2015 6:11:11 PM
PTAB Decisions Give Examples of Patent Eligible Subject Matter
Marin11/18/2015 6:15:40 PM
Covered Business Method Claims Are Not Required to Particularly Target Financial Industry
Marin11/18/2015 7:31:35 PM
When Is a Thesis Prior Art?
Marin11/19/2015 2:13:05 PM
An Innovator’s Dilemma: Design or Utility Patent?
Marin1/28/2016 9:10:56 PM
How Unpredictability Can Affect Obviousness Challenges
Marin1/28/2016 9:15:16 PM
The Patent Trial and Appeal Board Designates Two Decisions as Precedential
M. Cionca and I. Kim2/4/2016 5:55:16 PM
Software Inventions Are Still Patentable!
Marin Cionca2/16/2016 6:34:53 PM
In IPRs, patentees have to show that substitute patent claims are patentable
I. Kim PhD2/26/2016 8:47:51 PM
The U.S. Supreme Court Will Review Claim Construction Standards and Institution Decision Reviewability.
Iris Kim, PhD3/25/2016 8:34:14 PM
Challenging a Claim’s Validity with Different Standards of Claim Construction
Marin Cionca5/17/2016 8:57:23 PM
Patent Claims Rejection Based on Inherency
Iris Kim, PhD6/1/2016 7:04:50 PM
The Patent Trial and Appeal Board Designates Five More Decisions as Precedential
Marin Cionca9/6/2016 9:26:12 PM
Patent Case Law: New Example of Software as Patentable Subject Matter
Marin Cionca9/15/2016 9:47:39 PM
Patent Law Alert: Federal Circuit Opens Door for More Software Patents
Marin Cionca2/21/2017 12:30:52 AM
Software Patent Law Update: Federal Circuit Finds Graphical User Interface Patentable
Marin Cionca4/25/2017 9:48:49 PM
Monetization of Patents: How to Make Money with Patents
CIONCA - Staff6/15/2017 5:32:14 PM
Patent Law: Challenging the Patent Claim Definiteness Requirement
CIONCA - Staff6/28/2017 8:26:07 PM
Patent Law: Conditions Precedent May Expose Method Claim to Broad Interpretation During Prosecution
CIONCA - Staff8/9/2017 5:39:58 PM
Patent Case Study: The Novelty Of An “Invention” Is NOT Enough To Make It Patentable
CIONCA Staff8/20/2017 3:16:11 PM
CIONCA on Patents: Think Twice Before Suing for Patent Infringement and Fight Back when Unreasonably Sued
staff9/15/2017 9:33:30 PM
staff9/27/2017 5:00:12 PM
Claim Indefiniteness During Patent Pre-Issuance: Define Your Invention, Not Just Your Audience
staff9/27/2017 5:12:07 PM
CIONCA - Patent and Trademark Law Attorney
Staff9/28/2017 7:27:22 PM
Staff11/3/2017 4:20:04 PM
An Introduction to Provisional Patent Applications
11/10/2017 6:47:44 PM
An Introduction to Design Patent Applications
11/17/2017 1:24:20 PM
An Introduction to Patent Searches
12/1/2017 8:01:27 PM
An Introduction to Patent Cooperation Treaty Applications
12/26/2017 6:04:25 PM
CIONCA Sets Foot in San Francisco
1/2/2018 7:47:09 PM
The Lanham Act: Disparagement Provision Violates the First Amendment
CIONCA Team1/17/2018 8:12:06 PM
A Fork in the Road: Production or Protection?
CIONCA Team2/16/2018 4:07:48 PM
Fashion and Intellectual Property
Marin Cionca, Esq.
Registered Patent Attorney
USPTO Reg. No. 63899
About our IP law firm: We are an Orange County, CA based boutique intellectual property firm with a focus on patent and trademark application, prosecution and opinion services, offering its IP services primarily at flat fee rates. We serve local OC clients, as well as clients throughout US and international clients.
We’d love to hear from you…we just need a little info
about your plans to take over the world!
P.S…Feel free to call us! (800)985-9198
Thank you for your message. We will respond within 24-72 hours. Thank you.