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Congrats your patent is approved! Now, how do you make money?

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Sell it - License it - Market it - Let it sit 

If making money is an immediate or longer term goal for you, then prior research, planning and marketing are a must.

Various strategies are available depending on the marketability of your invention and what you want to achieve. You may already have a business plan that the patent will feed into or extend, or you may need to build an entirely separate strategy for marketing your invention.You may even decide that for commercial reasons, manufacturing your invention while your patent application is pending is the right path for you.

Some inventors only file patents once they know they have an investor who is willing and ready to purchase the patent or fund the marketing and production of the invention. Others want to protect their invention as soon as they create it, so that in the future they may be able to license the right to make and use their invention. Alternatively, they are seeking the protection of the patent to be able to openly discuss their idea as part of their business strategy. Many patents in fact don’t end up generating money at all and are left to expire due, primarily due to economic viability or financial reasons. Whatever your personal or business goal is, it’s worthwhile considering your strategy in advance to prevent unwanted financial mishaps. There are business experts in the field that can help with you with this planning, many of whom specialize in bringing new ideas or products to the market.

If your goal is to commercialize your invention post-patent approval, MU Patents is ready to help you - we're just a phone call away: 858.263.7554

 

 

The materials in this blog are not for the purpose of providing legal advice and are provided for informational purposes only. By using this site you are not entering into an attorney-client relationship with MU Patents. If you need legal advice you should contact an attorney directly.

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