We work with many creators, and all of them have their own plans for what they’d like to do once they obtain a patent for their invention. Some want to start their own company; others want to license rights to their patent to third parties; and others simply want to sell their patent and move on to the next invention. If you’re someone who wants to patent their invention and sell it, this article is for you.
Patenting Your Invention
You’ve spent years tinkering with your invention, and you’re finally ready to patent it. You might think the hard part is over, but the patent application process can be intimidating to navigate without preparation and help. To boost your chances, you should:
- Be sure your invention qualifies for a patent: It sounds obvious, but this is an important step. If your invention doesn’t meet the patentability requirements set by the USPTO, your application will be rejected.
- Conduct a prior art search: This is an easy step to overlook, but it’s crucial. Conducting a prior art search helps you ensure there are no existing or pending patents that could affect your invention’s eligibility. This can be a complex and daunting process, so you may want to consult a patent attorney who can perform this step for you.
- Make sure you’re prepared: As you start your patent application, make sure you’ve got the documentation you need to describe, justify, and defend your invention’s patentability.
- If you haven’t already, enlist an experienced, trustworthy patent attorney.
Once you’ve completed and submitted your application, it goes to a USPTO patent examiner for review. After this, you may need to clarify or correct your application before it is approved.
Selling Your Idea or Patent
Congratulations! You’ve gotten your patent approved. Now you just have to decide what to do with it. This will depend on your goals: you can manufacture and market your invention yourself, license the rights to do so, or sell the patent altogether.
Once you have obtained a patent, you still have to make a few more decisions. How you monetize your patent depends on your goals. You can sell the patent, license usage rights to the patent, or manufacture and market the patented invention yourself.
The Best Way to Patent Your Invention and Sell It
Overall, if you’re a “serial inventor”—someone who loves inventing but doesn’t want to spend the time or money it takes to get a product on the market—selling your patent is a great option. You’ll earn the money you need to finance your next invention without having to worry about the day-to-day details of running a business. However, if you want to build a brand, you’re probably better off licensing your product or manufacturing and marketing it yourself.
Whichever option you choose, it’s crucial to make sure that your intellectual property is well-protected. At Bold Patents, we have the experience to guide you through the application process and can help you determine your next steps. Contact us today for a free Discovery Call.