How to Sell a Patent Idea
Business Help
By Fiona Miller
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A patent grants the originator of an idea or invention rights to prohibit others from profiting from his invention for 20 years from the time he applies for a utility patent and 14 years from the day he gets a design patent from United States Patent and Trade Mark Office (USPTO). A utility patent protects an invention's system and how it works, while a design patent protects the shape and appearance of the invention. Inventors who are not able to finance their patent ideas can sell them to entrepreneurs with enough capital to carry out the implementation. You can sell the idea online or by direct contact.
Create a prototype demonstrating how your idea works. This generates interest among buyers and shows them why your invention is advantageous over what currently exists in the market.
Evaluate the monetary value of your idea with the help of a business consultant. Knowing the patent idea's market potential minimizes the chances of accepting unworthy offers from potential buyers.
Conduct online research and identify legitimate websites that can help you sell your invention. Choose a patent website with favorable terms and conditions and a good patent-selling record. You can post your patent idea on some sites for free, while others charge a commission upon making the sale. Find out whether the site you have chosen is scam-free by looking at sites, such as the Inventors Association website, that blacklist fraudulent patent sites. You can also sell patent ideas through trade fairs or by directly contacting companies that can use your invention.
Upon finding a potential buyer and demonstrating to him how your idea works, retain an attorney specializing in contract law and intellectual property rights to help you with negotiations, agreement sheet assessment and regulatory issues.
Prepare a patent license with your lawyer that clearly outlines issues such as payment methods and period and patent markings; this involves inscribing the patent number of the product to market your invention's achievements.
Meet the potential buyer in your lawyer's presence and sign the agreement and patent transfer forms. Avoid accepting the money in installments, as a single lump sum payment eliminates future follow-ups and gives you the opportunity to pick up another project.
Strategic Patent Services: Patent Information
Legalzomm: Selling Your Patent: What You Need To Know
Entrepreneur: Three Steps to Selling Your Idea
USPTO: Distinction between Design and Utility Patents [R-2] - 1500 Design Patents
Fiona Miller is a resident of Vancouver, Canada. Her writing career began in London in 2004, working as chief editor for the International Finance Journal, an online magazine with readership across Europe. Miller holds a diploma in creative journalism and English from Concordia University, a Bachelor of Commerce in international business and an M.B.A. from the IESE Business School in Barcelona.
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1 How to Make Sure Your Business Idea Doesn't Get Stolen
2 How to Get a License to Market a Patented Product
3 How to Activate a Patent
4 The Best Ways to Sell an Idea Without Getting a Patent