It is an ordinary practice to sell rights to the patent of an invention or product. It excludes the sale and manufacture of particular designs and inventions. Owning patent won’t give you profit. You need to sell the license usage rights and the patent. You must also market your product if possible. Below are guides on how to sell patent rights.
- Market your patent. Consider auction websites and patent exchanges in selling your patent. You can sell your patent on auction websites like eBay. Consider also to consult a patent agent or a patent attorney before marketing your patent. They can give you good pieces of practical advice about the potential value of your patent. They can also give you ideas that can help determine good timing in marketing of the patent.
- Assign your interest in your patent. Assign it after you’ve find a prospected buyer for your patent. You can download the assignment forms from United States Patent and Trademark Office’s website. You can also get it from your local USPTO branch.
- Ensure that all filing charges are paid. The buyer must also be informed of all maintenance charges. If you’re the original inventor or patent owner, then ensure that your name will remain on your patent. Doing so is for the benefit of the masses and future potential buyers.
- Wait for the confirmation of USPTO. They will confirm if the processing of your patent licensing is finished. The confirmation is normally finished in three months or less. You can hire an agent or a patent attorney. Make research or ask friends for referrals. An attorney or agent can verify all the information you need. Patent agents and patent attorneys are trained to guide and help inventors through the processing of their patent. The Trademark Office and The United States Patent are maintaining a registry of attorneys and agents on their website.
- Ensure that all maintenance charges are fully paid. Do this before attempting to market your patent. Remember that your rights to the patent can be forfeited if you failed to pay the charges within the allotted grace period.
- Market your product or invention. Always set aside a budget for accounting, legal charges and business start-up costs. Always be professional in marketing strategies. Make beautiful brochures and formal letters in asking a showcase for your invention. It’s also helpful to bring a photograph, illustration or a prototype of your product in asking for an invention showcase.
- Understand licensing rights. The most profitable step for inventors is to have licensing rights in making, using, and selling products. It will also help you retain the ownership rights on your invention. This way, you can get royalty fees on future sales. You can also give exclusive license grant to your preferred companies.
Find a renowned company in getting licensing rights. Customers are
confident in dealing with respectable companies so there’s a high chance
that your product marketing and sales will become successful. The
licensee also assumes the liability if there are any item mishaps.