How to Use Patents to Make Money?

If you’ve never considered selling patents on your inventions, you’ll probably be surprised that so many organizations will be willing to buy them from you almost immediately. The copyright policy requires companies to provide documents confirming their rights to use certain technologies. That is why not only your inventions but the right to use them in production can be highly demanded by others. To sell your patents, you can choose different strategies depending on whether you want to transfer your exclusive rights on the patent fully or partially.

Reasons to Sell Patents

People may sell their exclusive rights on patents for different reasons:

·         They are convinced that their inventions could bring use to other people.

·         They are asked by some companies that already use similar inventions in their businesses.

·         They know how to make a profit out of the intellectual property.

Whatever your reasons are, you should know that selling patents is almost as simple as selling any other kind of your property.

Profitability of Selling Patents

How much money can you make on a patent? Every patent should be estimated by independent experts. There is no standard price for selling patents — it is agreed on with buyers after expertise.

Some Things You Should Know About Selling Patents

You can sell or license your patent. The main differences are:

·         In the case of selling your exclusive rights for the patent, it will be alienated and completely transferred to the acquirer.

·         In the case of licensing, you are granting the licensee the right to use the invention. You can transfer your exclusive rights on patents to companies in full or in part. Thus, the achieved agreement can be exclusive or non-exclusive. In the latter case, you can license your invention to some other companies. Also, you can restrict the licenses you give to a certain period, territory, industry, volume of production, etc.

The Procedure of Selling Your Patent

How do you get money from a patent? Selling a patent on your own is not rational. Let’s figure out why:

·         Without knowing all the legal intricacies, you can easily become a victim of fraud. It is better to choose a trusted company that has helped to close the deals of many other inventors.

·         This patent brokerage company will make an objective evaluation of your patent and find a buyer for you.

·         The advantage of using the services of such firms is that they are well-known among businesses. They are constantly contacting and cooperating with them. That is why finding a buyer for you will be quick and effective.

·         Professionals from patent brokerage companies will not only help you find a buyer but also prepare the contracts and all other necessary documents for the alienation of rights.

·         In case of any conflicts of interests of both parties, they can even represent your interests during negotiation or, in the last resort, in court. 

By selling your patents, you not only get additional revenue but invest your intellectual abilities into the development of society. Moreover, successful deals may stimulate your further inventing activity. Everyone benefits from your patent deal!

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