So You Have a Patent
…Now What?

IP News and Information

What Should You Do With Your Patent?

Congratulations, you’re now the owner of a shiny new patent. You have worked long and hard to develop your ideas, method or product and you’ve probably waited just as long to finally receive your granted patent after going through the lengthy patent filing process. You should be proud of your efforts and your accomplishments. However, now that you have a patent what’s your next move? Most people don’t set out to create something and get it patented only to stuff it in a closet somewhere and let it die a lonely death. Most inventors and eventual patent owners want to make some money from their invention, including those inventors who working for a good cause. Even the most giving people still need to make some money from their ideas if they hope to continue giving.

Time to Monetize

That means if you own a patent then at some point you will likely want to monetize it. The leads to the next most obvious question, which is: how do you monetize your patent? Patent monetization is much different today than it used to be. With the patent landscape having gone through so many changes in recent years, the path to monetization has become more complicated. That means in order to successfully monetize a patent, or a patent portfolio; your patents need to be strong. It doesn’t matter whether you want to license or sell or your patent, the fact is, patent buyers are looking for patents that can be easily defended are prosecuted. It also means that patent owners would be wise to do as much work as possible prior to offering their patents for sale.

Identifying Your Target Buyers

The more work that a patent owner has done beforehand to prove how how strong his or her patent really is, the better chance he or she will have at attracting a buyer or buyers. It’s also important to identify exactly who your potential buyers might be. In other words, do your homework and determine who your target audience is so you can maximize your efforts to reach the right audience. There are several different types of buyers in the patent industry, including patent aggregators, patent assertion entities, or someone just looking to strengthen his or her overall portfolio. Therefore, you need to understand which type of buyer each potential entity is before you make your pitch.

Determine Value and Reasons Behind it

Patent owners also need to have a good idea of what their patents are worth and why they are valuable. A patent could have different values to different buyers, so it’s important to be aware of what each type of buyer is looking for and why your patent fills that need. Having a valuation will also help a patent owner determine how much he or she wants in any given deal. While the patent monetization landscape has changed and in many instances become more difficult, there are still opportunities that exist. According to IPTrader president Arlen Olsen, “the key is for patent owners to be as prepared as possible when they actively start to seek potential buyers.” As an IP broker IPTrader assist patent owners in this process. To learn more contact us by scrolling down.