What does Patent Monetization Mean?
Making money on your patents! Here at Bold, it is our intention to help you and your business be a force to be reckoned with in the market. We want your technology to make a positive change in the world by being economically viable and profitable for you and your business. Too many patents get granted, and their inventors just sit on the rights until the 20 years go by - and all the hard work goes unrewarded and the investment in the intellectual property goes without a return. While dust may settle on the physical copy of the printed patent certificate, we believe strongly that the patent rights should be exercised immediately upon grant!
How do you Monetize Patents?
When should I start thinking about monetization?
As soon as you have patent rights applied for. This means, as soon as your application is in the process, and you have "PATENT PENDING" status. Believe it or not, many transactions for licensing or sale actually happen while a patent application is still pending! While making a deal during pendency may not be the best idea for you (because typically prices and royalty rates are lower for pending apps), this is a perfect time to stop and think about your plans for moving your technology into the market. Many inventors/entrepreneurs go into the patent process with dreams of owning a business and perhaps they try to do so and realize they do not want to be business owners after all - so, plans change and it's very important to know your options at all stages of your patent journey. If your business is launching, it is easy to get distracted by the growing of your business and to forget about taking care of your patent, which is at the heart of what makes your company different and have the competitive edge. Therefore, starting to plan for how you're going to leverage your patent in the market early is what will make the difference down the road.