MARKETING YOUR PATENT: WHAT YOU NEED TO KNOW
Posted 16 SEP 2016 / 0 Comments
Is this your first time to encounter the term ‘patent marketing’? Are you an inventor and just have no idea on what course to take? Being able to invent something or at least come up with an idea that will absolutely solve a major, serious, or complex problem isn’t that much good if you don’t know what to do with it or at least where to start. If you want to share your invention and gain profit from it, the first thing you need to do is secure a patent.
What is a patent?
Your invention or idea is your property and you need a patent to exercise your exclusive right over it. A patent is a property right granted by the government or sovereign state to an inventor or in some cases, an assignee. Through a patent, the inventor or assignee has an exclusive right in producing, using, importing, and selling his invention within a specified period of time. Generally, a patent lasts up to 10 years.
A patent is a protection every inventor needs which prevents other individuals or firms to produce, market, or sell his idea/invention without his consent. Apart from a physical product, a patent can also be awarded to an inventor for his process, an upgrade for an existing product, or an enhancement on some known procedures. This exclusive right also serves as professional recognition to inventors whose creativity serves as a constant reminder that there will always be a room for improving the quality of human life.
Why you should register a patent?
As discussed earlier, acquiring a patent is a crucial first step every inventor should do. Although registering a patent can be a complex and pricey procedure, its benefits outweigh your initial investment in acquiring this exclusive right. With a valid patent, you have the power to stop others from copying, using, and selling your product. If such thing happens, your patent gives you the right to collect damages appropriate to the case. Such exclusive right also stops research and development as well as reverse engineering plans by other companies in relation to your invention. If you have just put-up a new company, not securing a patent for your new product or invention is that one serious mistake that you should avoid. Through your patent, you will be able to effectively raise interest and investment for your new and starting company.
Selling your patent
Invention and business are two entirely different subjects that require different sets of exceptional skills. Although some innovators find themselves to be natural born entrepreneurs at the same time, others would prefer dwelling on one field alone. And it’s a good thing that there is such a thing as patent marketing. By selling your patent to a company that is willing to invest and fully develop your concept, you can focus your creative mind unto developing new ideas while leaving all of the business related issues to the pros of the industry.
How to market your patent
In the business and investment terminologies, ‘licensing’ refers to the legal process of selling your patent. Some inventors who fall short on resources look to licensing for a very rewarding option. But even though selling your patent is a wise option in harvesting great profits a whole lot faster, the process itself is not as easy as it may seem. However, here are some ways that will help simplify such complex task:
Gather info and understand – Basically, there are various types of patents namely, utility, design, and plant. It is very important to understand each and determine which specific type covers your invention / idea. It is best to review the patent that you have for your product in order to understand how much it will be worth. It is also strongly recommended to become well familiarized with the process of patent marketing in order to become better prepared especially in the documentation and legal parts.
Hire a patent attorney – The entire process is a very complicated one and is full of legal issues that need to be addressed and accomplished appropriately. In this case, it is best to seek professional assistance from a skilled and experienced patent attorney so that you will be well provided with legal advises on how to get the most out of selling your patent in the most legal and most secured manner possible.
Act like you’re from the ad industry – The golden rule of marketing is simple – market it well. Whether what you have is a new gadget or an innovative process, presenting your patent and invention well can help you come up with a higher price and land on a competent investor more easily. In your presentation, make sure that you will be able to emphasize as to how your invention will generate profits for the buying company and you’re asking such a price.
Book in trade shows – Trade shows are among the places where you will find a great number of potential buyers for your patent. You can also have a glimpse on how other patents under your category are currently priced.
Selling a patent is a serious and critical decision for every inventor. Furthermore, the process itself is a complicated one and various factors need to be considered first before deciding as to whether or not to market your patent. Not every company out there is always hungry for patents and they also hold their own reasons in buying these rights. So if you are not that sure for a decision, it is best to hold on to your patent and think things through.