Patent Attorney and Founder
Hi everyone I’m JD Houvener your host to the bold Today Show were you the inventor entrepreneur and business owner get your daily dose of inspiration to make the world a better place thanks for joining and this is part 4 of our make your goal big right think about your goal and let’s monetize patents about it so your challenge of the day as you’ve been hanging with us on this series yes not only to take that that written goal that’s been fully fleshed out with the environment and now you’ve got it drawn up okay you’ve got it with color it’s in life and you can see it what I want you to do today is to take it get a color copy print it out in a reasonable format you can see it from most any distance I want you to put it somewhere that you’re gonna see it every day for most people that work on the computer you’re gonna need to post this thing right on your monitor or put it into a frame close by your work area you need to be reminded of this goal throughout the day it’s not just up in the morning think about your goals and move on you need to see this and think about it as you move through your day so that’s your challenge is to set this up so you can see it and feel it understand what you’re working with and you constantly every decision you make every big move you make even in throughout the day you’re thinking about your goal okay we’re still in the world of patent monetization and for this part of the the bolt today show I want to talk about the the selling my patent sale rights selling a patent and what that entails so as opposed to licensing where you’re giving up just part of your of your four rights a sale usually entails giving up all rights okay now there actually are still some strings that can be attached and so I want to talk about three different types of patents sales so there is what’s called the absolute sale and it’s what you think all rights no reservations no strings attached to sale of a patent an application or issued patent so those are lump sum or that could be certainly could be payments over time but that type of a sale is strictly contract law there’s not much to think of in terms of rights to negotiate with they’re all being given up in an absolute sale the most common types of sale is absolutely it is actually a sale with a license back to the inventor or the the business that that owns it so what that means is it with a license back is it allows the inventor or the business that has been assigned the invention the ability to continue using that invention sometimes it’s for just a research cases so you can continue to develop that technology and use it in-house to build new versions of the next level invention or choose to actually commercialize that based product you’re allowing at least one other party via that sale to go out and do what they want in the market but you’re reserving the right to do that on your own as you wish and we may want to in the future so it’s usually included with most sales agreements is this license back to the inventor and there’s a third sale called a license with a royalty so while there’s no license back to the inventor there’s royalty that they’re gonna get is is just like it would be for a license agreement it’s just a way to the person purchasing that patent doesn’t need to pay as much money up front they’re sort of using the market as an as a bargaining chip and they’re saying look we’re gonna give you this amount of money down but we’re not that sure about how this product that’s gonna do in the market and so we’re only going to pay you as it sells in the marketplace so you get a royalty on the sales along with a bit of a lump sum payment so it’s sort of a mixed bag sales approach there’s lots of ways to monetize the patents as you can see we’ve already talked about going to the P tab going through federal federal litigation talked about licensing and today we just talked about sales so tomorrow we’re going to hear about how defensive publications can actually be interesting way to monetize patents for your business if you’ve learned anything this on this today’s show or anything about you’d be interested in learning more about know that we can speak with you can speak with one of our patent attorneys for 30 minutes no cost to you it’s a consultation we want to get your questions answered you can go schedule one of those on our website at bold IP com I’m your host JD Houvener the bold today’s show it’s been a pleasure talking with you today and I hope you all have a wonderful day go big go bold [Music]
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