In order to profit from your invention, you must either sell a patent, license the usage rights, or manufacture and sell the patented product yourself. There are several advantages to selling a patent.
For many people, the quick payoff is a motivating factor in their decision to sell. While there are thousands of patents issued yearly, only a minority of these patents end up generating profits from production and sale of the invention.
Choosing to sell the patent outright at least guarantees some financial gain for all of the time and effort put into your invention and into the patent process. It also eliminates the large investment that would be required to open a business to produce the new product.However, when you sell your patent you also give up rights to future profits from the invention, and the money you can gain from selling a patent is often not that substantial.
Patent selling can be a simple process, and a great way to monetize intellectual property. This is an excellent option for those who lack the resources to bring the new invention to market. In order to sell a patent successfully, you must be able to demonstrate to potential buyers that the patent is valuable.
You may have to do some initial market research of the high demand and lack of supply of your patented invention. It’s also important that you present the patent for sale in a professional way and make the business opportunity clear. Therefore, you want to launch a marketing campaign for your patent and bring as many interested companies as possible into bidding.
The potential downsides of selling your patent should also be understood clearly. For example, it’s possible that the product becomes very successful and generates much more for the new owner than what they paid you for the patent.