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- If you have a patent pending or you receive a patent, you will need to decide whether to manufacture and sell your invention, or license your rights to a third party. More financing is needed to manufacture than to license your invention. An inventor who prefers innovating over building a business may consider licensing.
A patent is a legal right to prevent others from making, using or selling your invention for up to 20 years in the country or region where your patent is granted. You can patent products, processes, machines, chemical compositions and improvements or new uses of any of these.
- Option 1: Take The Money and Run
- Option 2: License The Usage Rights
- Option 3: Do It Yourself
- Ways to Go About Selling Or Licensing Your Invention
When you sell a patent, you are guaranteed a quick payoff for your idea. Thousands of inventions are patented each year, but only a minuscule amount actually generate substantial, if any, profits. Some languish so long that their patent expires. By selling a patent outright, you at least gain some financial reward for your invention. Although a qui...
Licensing the right to make, use, or sell your product is usually the most profitable route for inventors. As patent holder, you retain ownership of the invention and earn royalty payments on future sales of the product. You can grant an exclusive license to one company or several companies. Your invention stands a better chance of generating big b...
If you make and market your invention yourself, all the profits will go to your bank account. However, those profits may be eaten up by legal and accounting fees, business start up costs, and headache medicine. Most inventors make lousy business folk. Unless your invention requires scant start up capital and you are well-versed in business bureaucr...
Make a list of manufacturers and potential users of your invention. The Thomas Register, available in libraries and online, has contact information for thousands of companies. The Yellow Pages and Internet are also good research tools. When making contact with a firm, present yourself as a product developer, not an inventor. Request a face-to-face ...
- Beverly Rice
What is intellectual property? Why does intellectual property matter? What does your future look like? Identify it. Types of intellectual property. What you can do. Trade secrets. Protect it. Copyright. Trademarks. Patents. Industrial designs. Make it happen. Let CIPO help. Take the first step. More resources. Create it.
Sep 14, 2024 · The three most common methods available to patent owners are: to manufacture and market the patented invention independently; to sell the patent to another entity; or. to license the patent to one or multiple entities. This article deals with licensing.
In Canada, a patent lasts for 20 years from the date that you file it. Patents can have a great deal of value. You can sell them, license them or use them as assets to attract funding from investors. Use a patent agent. Most experts agree that inventors should use the services of a registered patent agent to help with the complexities of patent ...
Feb 5, 2019 · Licensing involves a legal written contract where you the owner of the patent are the licensor, who grants rights to your patent to a licensee, the person that wants to license your patent. Those rights can include: the right to use your invention, or copy and sell your invention.
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You can also sell your rights or license others to make, use, and sell your design. If you’re taking your products abroad, you can get industrial design protection in multiple countries with the Hague System. Trademarks. Trademarks protect your original combination of: Letters; Words; Symbols; Designs; Tastes; Textures Moving images; Modes of ...
