Patent Attorney and Founder
Hi everyone I’m JD Houvener your host for the bold Today Show where you the inventor entrepreneur or business owner get your daily dose of inspiration to make the world a better place okay you’re in the right spot if you’re in a start-up you’re in a business that’s got a new product you’re looking to launch you’ve got to hear this this week we’ve been sharing with you some of the top services that we deliver for startups starts from the non-disclosure agreements patent search opinion and our provisional and non provisional patent applications today we’re talking about the fun stuff how you can make money once you get those patents granted we did a whole series about monetization a couple weeks back so I’m not going to be able to get into as much detail but in this session I’m gonna remind you that take a look at bold ideas the inventors guide depends this book is available for free for download on our website at bold patents com and what I want you to do is go to chapter 18 okay one eight eighteen is gonna talk about patent monetization this is the fun stuff right this is where you get to make money so there’s three major ways you know like I said please check out the earlier videos if you can I’m gonna talk about the big three right now licensing selling and enforcing those are the big three so licensing in a nutshell it’s for you the inventor once you’ve got the license which you get the patent granted you have the ability to prevent anyone else from making using or selling your invention in the United States you can license out the ability to do either one of those in either an exclusive or a non-exclusive manner for example you could give a manufacturer the ability to make your invention and be the only one in the u.s. that can import products into the US and ship them and make them make a profit right then you could have someone else a different entity it’d be the only one allowed to be this seller right to be the one they can actually have a retail store that can sell your product of course you can make it a non-exclusive and change the grant terms and have different royalty basis on gross privileges there’s lots of different options and there’s so much to talk about with licensing the second major way is through selling I’ll write sale little keeps it very clean you get to move your ownership of that product much like you would your ownership in a home or property a physical you know real estate you transfer you transfer the title the ownership and you assign it to a third party usually what comes with that is a license back as the inventor you’re able to still tinker with and improve your own invention but all rights to make you sell and import that invention go to that third party there’s lots of different little nuances about how that cash gets out laid and how you might be able to retain either royalty or a partition payment over a specific number of time the third way to monetize is through enforcement yes that sounds a little ugly but there’s no better way to to be able to have that monopoly limited monopoly of twenty years but you’ve got to flex your muscle you’ve got to be willing to take people to court at least threaten it right to get them to stop making using or selling your own invention it’s your job not the Patent Office to act as the police to make sure that no one else is infringing your patent so hiring a patent attorney to monitor the market help you draft a cease and desist letter to put your money where your mouth is to make sure you tell them no way you’re not allowed to make that without my permission so without further ado I want to wrap this up but before I go I want to let you know that you can go to our website and get a lot more information again get ahold of our book at bold ideas our website is gold patents calm you can always give us a call if you’re not available to hop online a number is 884 [Music]
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