The Duhaime’s law dictionary defines a Patent as an exclusive privilege granted to an inventor to make, use or sell an invention for a set number of years.
A patent is the legal right of the inventor that protects his invention from being exploited except in cases where the patent rights are bought by someone after paying appropriate remuneration to the inventor. The patent rights exist as an incentive for the general public to encourage the invention of commodities that can be used by the society at large. The invention so referred to here, can be a product or a process of doing something. However, the condition on which the grant of a patent depends on the fact that it should be new, unique and non-obvious.
It is however, important to note that patents do not protect ideas, but rather protect inventions that exhibit subject matter deemed allowable.
Sale of patent rights
The patent right is the exclusive right conferred by a patent, as on an invention.
One needs to polish their marketing skills and have a professional work ethic for selling their patent right. A good prototype of the product proves to be of great help too.
The patentor, for a successful sale, needs to: -
- Make a list of manufacturers and potential users of the invention in question. 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.
It is important to note that while and when contacting a firm, the person must address himself as the product developer and not an inventor and must arrange for a face to face meeting with the product manager of the company.
This is only viable and advisable after a patent is secured successfully. In case it's not, the inventor can ask the company to sign a non-disclosure agreement.
- Attend trade or invention shows where they can find companies or individuals interested in the product.
- Advertise the invention or product.
- Finance the invention by soliciting partners for them to provide the capital required to launch the product.
- There are Several companies which have sites on the Internet where inventors can advertise their patents for sale.
In addition to this, one must always beware of invention submission companies. A lot of these companies have been charged with fraud and hence it is advisable to check them through before the marketing of the invention.
With thorough research and a viable product, one just may be able to turn that patent into a successful moneymaker.
Before selling a patent one must consider the fact that patents are area specific and that it will only stop competition in the country in which one holds a patent. If the inventor believes that the invention has potential in other countries and he/she intends to market the product there, he must have the budget for the cost of applying for patent rights in the target countries, too.