Best Way to Make Money with a Patent

In the world of inventions, there is usually a large amount of misinformation.

Believe it or not, most of the misinformation is intentional.

There are many manufacturers out there who want inventors to believe all that is needed to make a fortune with inventions is coming up with a good idea.

Patent licensing is the best way for an inventor to make money. This is because it will allow the inventor to concentrate on what he or she does best, coming up with ideas and developing them.

Once a patent has been obtained, the inventor can then approach a firm that is equipped with a manufacturing and sales force ready to sell the product in order to license them the use of the patent. These licenses can be exclusive or non-exclusive. They can also be exclusive to a particular “field of use.” Such as limiting a software patent license to computers but not cell phones.

Below is a look at how an inventor can get manufacturers to pay a fee.

Many inventors who attain a patent expect money to begin flowing with no additional effort. This is not the case, as one must market his or her idea.

The best marketing strategy is granting an exclusive license to a manufacturer. This way, the inventor is compensated proportionately to how successful the patent’s idea is.

How to Protect Your Patent

Just like individuals, manufacturers do have a personality. While some are honest, others can be quite slippery and may try to intentionally infringe on your patent. The good news is that there is a number of ways to deal with such infringing parties.

An infringement lawsuit should only be used as a last resort. The first step should involve notifying the infringing party through registered mail. The notification should be firm, polite, and friendly. It should also notify the infringing party to “cease and desist.” The inventor and/or their attorney can seek an appointment with the manufacturer’s management and try to sort out the problem using direct negotiations. He or she should should give them a reasonable amount of time to respond. It is always recommended that you consult with a patent attorney to determine proper course of action as well as protect your rights.

Having knowledge of the marketplace can be quite a valuable tool. If the inventor knows who the infringing party is bidding jobs for, he or she can contact and inform them that it is possible to seek an injunction aimed at stopping the infringement. No one would like hiring a firm that may fail to deliver the patent rights necessary for the project. This is particularly the case for manufacturers who are expected to finish a changeover on a tight schedule. NOTE: Use an attorney and take action when doing this because there is a fine line between notifications and threats. In the case a manufacturer fails to change their infringing actions, then the inventor should work with their attorney to file suit in order to protect their rights as an inventor. NOTE: If you do not take action, you could forfeit your rights to future action.

Many inventors do not know that in patent law there is a possibility of receiving triple damages from the parties infringing on their patent. Manufacturers are legally responsible for being aware of patents being used in their products and services.  Ignorance of the law cannot be used as defense, meaning that such firms could be forced to pay triple damages as well as the inventor’s attorney fees. Juries have a low opinion of manufacturers who steal from inventors. Juries are particularly sympathetic if the infringing company is foreign-based or large. Should polite persuasion fail to work, then the inventor  has no alternative but to play hardball and file suit to protect their patent interests.

The offended inventor can gather as much information as possible on the infringing manufacturer. This can include contacting previous employees, since companies that can steal intellectual property are also likely to fleece employees. A mistreated employee can offer information that will make the inventor’s infringement case easier to pursue. However, one should protect such ex-employees as sources.

In conclusion, it is in your best interest to obtain a patent with Intellectual Pats. Once your patent has been granted you may then license it to manufacturers and/or companies. Before taking any action at all, it is highly suggested that you utilize the free 15 minute consultation with a registered attorney by filling out the form on this page. You can also find out how to patent an idea. It is essential that you take action to protect your ideas. If you do not, your ideas could potentially make millions of dollars for somebody else. However, if you get a patent, you are able to protect your ideas through suits and litigation. Intellectual Pats is devoted to keep your ideas safe, and will not disclose your information to anyone without your consent. Take control of the future of your idea, and get a patent today!