How Do I Make Money With My Patent?

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Making Money With a Patent - How to

There are a few ways to make money with a patent. You can sell it. You can licenses it. You can sue people for infringing it. There are probably a few more, but these are pretty much the big three.

Here at Inventvest we are focused on licensing. That’s what we do. We help inventors license their intellectual property. Most inventors don’t want to sell their idea, at least not right away. FOMO, or fear of missing out on having the next big thing is very real.

Suing an infringer is costly, time consuming and frankly a real pain for all involved.

That leaves licensing. In order to license your idea, a few things must happen:

  • Someone or some business needs to see or discover your idea.
  • This business needs to take a risk and develop a product based on your idea.
  • And this business needs to create a demand for that product, i.e. sell it.

When this happens you are paid a royalty.

It is a long, drawn out process.  It requires documents, negotiations, meetings, etc. All the things you hate as an inventor are required to make money with your invention. Let’s face it, there are very, very few really good inventor/promoters. Do you really want to be on Shark Tank?

So let’s say you decide to go it alone. Your first step is promotion. Using all the various social platforms, get out there a post away. Create your website, Facebook Page and all that stuff. Show the world what you  have created. Contact relavent businesses and get some meetings. Go to those product conventions and show it off. Basically go wild showing it off. Its protected. Do this untill you have a business willing to develop the product.

Next you will need to work with the company to fine tune and further develop the idea and product.

Finally you will need to help the company sell and promote the new idea. After all, you will be getting a share of their profits from the product they created with your idea…

By now, we are betting you might want to let us help. Contact us. Lets talk.

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