Selling Your Patent: What You Need To Know About
You know you have a great idea. Presumably at this point you have patented your idea and protected it to the greatest extent legally possible. Now, you know “someone” can partner with you to make money from it. The question is how to find that someone. Ideally you want to find a company that is in the right industry, so that they will appreciate what a good idea you have and be in a position to make it happen.
The process of selling an invention is simple, although getting results are no necessarily easy. Here are my 4 Steps to Selling Your Invention:
1. Make Sure Your Investment Is Protected: Do not do any of the remaining steps, or publicly disclose your invention in any way, until you are sure it is safe to do so.
And that assurance should come from a registered patent attorney who is fully apprised of all facts and circumstances of your situation.
2. Find Prospects:
Research companies that are an ideal target for your idea. The ideal target could be a company that makes products similar to yours, sells or distributes products similar to yours, and even companies that manufacture products that are manufactured using similar manufacturing processes as would be required to make yours. Of course the best place for you to do this research is on the Internet. Perhaps the best resource is "The Thomas Register". It is a directory of thousands of companies in as many different industries. This directory used to be contained in a set of about 30 heavy green books I used to keep in my office library. Today, it can be found simply at www.thomasnet.com. Otherwise, standard search engines will likely locate some good prospects. When you find a company that seems like a good target, find their address, in the “about us” or “contact us” tabs. Once you have a list with at least a few names and addresses, you are ready for the next step.
3. Write a Letter:
The letter should be brief. Do not describe the details of your invention yet. Simply show them that you understand the type of business they are in, and tell them you have a patent pending invention (only say this if it is true), that you believe your product will enhance their current product line and allow them to increase sales and reach new customers. Then invite them to contact you for further details.
4. Mail the letters directly to a person, if possible:
Do your best to find the name of a person at each company – if possible. If not, send it to the President or CEO of the company. Doing this will either get it to the top person, or it will be handled by a person within the company who knows it came from the office of the President (and it will be handled it with care).
There are numerous ways an inventor can transform a patent pending product or concept into profits. It is simply a matter of choosing and pursuing a route that is most suitable to your circumstances and goals. And as previously stated - the process is easy. It simply involves "leg work". You don't need to hire someone to do this. In fact the person most likely to care enough to be persistent enough to get to the right person, is you.
Remember, how interested any company will be, the deal they are willing to make, and what they are willing to pay, will be a function of how strong your patent protection is. Strong patent protection can also be the difference between smartly using a process like this to find a buyer for your patent, and recklessly exposing your valuable idea directly to the “wolves” with little recourse if they choose to do it on their own.
In order to figure out what route is most appropriate for you, and to understand how your product/concept can be secured by the most extensive legal protection for your project, you will want to set up an evaluation with us.
To find out what it would take to actually ‘get’ that protection, please call our offices at 800-728-8166 and speak to a member of our team. They will be happy to discuss the possibility of conducting an evaluation for your project. This evaluation can set you on the path to both securing your patent, and the possibility of monetizing it.