Turning your invention into a profitable venture isn’t just about having a great idea; it’s about protecting and monetizing it effectively. This is where patents come into play.
What does a patent provide?
A patent is a legal document that grants inventors exclusive rights to their inventions for a specific period, typically 20 years from the date of filing. It’s a crucial step in the innovation process and serves two primary purposes:
1. Protection
A patent provides legal protection, preventing others from making, using, selling, or importing your invention without your permission. This safeguard is essential to ensure that you reap the rewards of your hard work.
2. Profit
While obtaining a patent is a significant achievement in itself, the ultimate goal is to turn your invention into a source of income.
How to obtain a patent
Obtaining a patent can be done in seven simple steps.
- Determine if your invention is patentable. Your invention must be fully developed and no one else can have patented it. You must also show how your invention works.
- Conduct a patent search.
- Determine what type of patent you need.
- Prepare to submit your application.
- Submit your application with the United States Patent and Trademark Office (USPTO).
- Work with your patent examiner.
- Get approved and pay final fees.
What does a patent cost?
The total cost will range between $15,000 and $20,000. The cost of a patent attorney to assist you with the patent application will make up between $8000 and $10,000 of that amount.
How to Profit from Your Patent and Get Paid for Your Invention
Once you obtain your patent, there are several ways to profit from it. Here are six approaches to transforming your invention into a lucrative endeavor and making money with your patent.
1. License Your Invention
One of the most common ways to profit from a patent is by licensing it to others. In this arrangement, you permit a third party (often a company) to use your patented technology in exchange for royalties or a licensing fee. Licensing allows you to focus on innovation while others handle production, marketing, and distribution.
2. Sell Your Patent
If you prefer a one-time payout or lack the resources to develop your invention further, selling your patent might be the right choice. You can negotiate with companies or individuals interested in acquiring your patent rights. The sale can result in a lump sum payment or a series of payments over time.
3. Develop Your Invention
For some inventors, their dream is to bring their creations to market themselves. In this case, you can develop a business plan, secure funding, and start your venture. This route can be more challenging, but it offers greater control and potential for long-term success.
4. Start a Joint Venture
Collaborating with established companies or entrepreneurs can be mutually beneficial. By forming a joint venture, you can combine your invention with their resources, expertise, and market reach, sharing both risks and rewards.
5. Use Crowdfunding
In recent years, crowdfunding platforms have become a popular way to raise funds for inventors. Platforms like Kickstarter and Indiegogo allow you to showcase your invention to a global audience, seeking financial support from backers interested in your idea.
6. Enforce Your Patent Rights
To maximize your earnings, it’s crucial to actively protect your patent. This involves monitoring the market for potential infringement and taking legal action if necessary. Enforcing your rights can deter unauthorized use and ensure you receive the compensation you deserve.
Conclusion: Profiting from your patent
Turning your invention into a lucrative venture requires more than just creativity; it demands strategy, diligence, and an understanding of the patent process.
Obtaining a patent is the first step in safeguarding your idea. However, it’s your approach to monetization that can lead to substantial financial rewards. There are many ways to go about profiting from your patent: license, sell, develop, partner, crowdfund, or enforce your patent.
With the right plan and determination, you can indeed get paid for your invention and make a lasting impact on the world.
