Patent trading may be lucrative. Selling a patent, in whole or in part, is a realistic alternative if it isn’t producing you money in other ways or if you don’t have the capacity to bring your idea forward. There are two ways to sell patent-protected intellectual property: outright sale and transfer or licensing.
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How to Market a Patent
The easiest approach to get cash from your intellectual property is to sell the patent entirely. Preparation is essential for a successful patent sale, as it is for any commercial transaction. To market a concept, you must first compile the appropriate papers, particularly technical documentation.
Finding a buyer for your patent will most likely be the most time-consuming component of the process. Depending on the market segment, how you find a buyer will differ. Some options include:
Participating at trade exhibitions
Making sales pitches to organizations in related areas
Publicity through the United States Patent and Trademark Office
When a prospective buyer contacts you, consult with an attorney to draft a Patent Sale Contract that eliminates ambiguities and inconsistencies. Above all, if you want to continue utilizing the patented idea in your firm after the sale, make sure the contract contains specific licensing conditions that enable you to do so.
How to Get a Patent Licence
Licenses are an alternate method of selling an idea. When you sell a patent, you exchange your invention and relinquish all rights to it. When you license a patent, you only provide the buyer specific rights, enabling them to utilize your innovation in their company under specified conditions. The precise conditions of the Licensing Agreement will be determined solely by the kind and category of patent you’re selling, as well as the industry in which you operate. Every agreement is unique and must be customized to the individual requirements of both the buyer and seller; consulting with an attorney throughout the writing process is highly recommended. Unless you are an experienced intellectual property lawyer, the dangers of doing it alone may be too great.