Finding a way profit from your patent can be tricky if you're not sure how to do it. But with a little business savvy and a touch of marketing sense, you can find the companies that are looking for innovation. If you're ready to license or sell your patent, these tips and links can help you get started.
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by Lisa C. Johnson, Esq.
Lisa Johnson is a Massachusetts attorney, freelance writer, and food blogger. Born in Boston, she currently resides i...
Updated on: March 23, 2023 · 2 min read
“[P]atents create jobs. Patents enable innovators to put products and services in the marketplace and to hire people. They create opportunity and they put Americans to work.”
– David Kappos, Director of the U.S. Patent and Trademark Office
According to an interview on American Public Media's Marketplace, many Americans are filing patents and the number is going up. For those of you who already secured a patent, you may wonder how to use it to start making money. While there may not be one way that is cut in stone, there are a number of ways to make your patent work for you. With the rise of the Internet, there is a growing marketplace for patents.
Do it yourself
If you have some business savvy and a few marketing skills, you can contact companies directly. Whether you want to license your patent for a period of time or sell it outright, companies need innovation and may work with you. Below are a few ways to find companies that might be interested in your patent.
Place a free online listing.
Use a professional patent broker
- Inflexion Point: Their process is to coordinate a private sale with multiple bidding rounds and negotiate a purchase agreement.
- ICAP Ocean Tomo: They match buyers and sellers of intellectual property across multiple transaction platforms and hold live auctions across the United States and Europe.
With all the options available in the marketplace for patents, sellers must be prudent and watch out for their own interests. There may be an attorney acting on behalf of the buyer, but that does not mean that they have the seller's best interest in mind. Each situation is different. When selling a patent, it may be a good idea to seek independent legal advice from an attorney with specific knowledge in this area to advise you regarding your unique circumstances.
Sources:
Patent applications jumped up during recession
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