How can I make money with my patent in US ?
Naturally after having that rewarding moment of grant of patent on your name, you would be thinking what are best ways to make money with my patent in US ? There are multiple ways to monetize your patent, especially when it has significant commercial value in it.
Licensing to another business:
The most ideal scenario would be licensing the patent to another business and receive royalty payments. The amount of money you can make by licensing your patent actually depends on the negotiations you had with the other party when licensing.
There is no fixed rule for calculating the royalty amount or percentage, however the only evident element when considering your royalty payments would be "How important is your invention to the licensee… and his product ? ".
Building business around it:
This is another most practiced way to get maximum revenue out of the invention is to get funding and build a business around the invention. With the patent protection in place, the business stands great chance of success in eyes of investors as the business is likely to be a monopoly and can easily attract great funding for it.
Selling the patent:
Owning a patent for invention in demand can be extremely rewarding financially especially of you could sale it to a Giant Company in the industry. This route is also famous in the inventors as it is one time en-cashing of all their efforts and time they put in research and development.
So, to summarize: just like a real estate property, having a patent (Intellectual property) for your invention, you can:
rent it (here it is called licensing your patent )
sell it to some company or business
use it your self
build a business around patented invention
Owning a patent for an invention provides you right to stop others from commercially:
your patented invention, without your consent. In case someone wants to utilize for commercial purpose they need to take your permission (also call licensing of patent) as well as pay you royalties as per the agreement at the time of offering license. The general term for patent it 20 years from the date of filing the application, provided the renewal fees as paid regularly as directed.
What happens when someone uses your patented invention commercially without your permission?
This is call “patent infringement”. It happens when someone (may it be unintentionally) practices and uses your invention for commercial purpose without your consent.
To enforce your patent rights this matter can be taken in to court, an experienced patent attorney proves helpful in such matters. The court has authority to stop the infringement of patent rights. However, it is your major responsibility as a patent owner to continuously keep watch whether anyone infringing on his patent, something called as enforcing of patent.
You will be receiving monetary compensations if you can prove in the court that your patent is infringed.
How to proceed with commercializing your patent?
There are patent professionals and patent attorneys who help patent owners find the real worth of the invention and help in make money with patent by following ways:
Perform the market research to find commercial worth of your patent
Search for potential business who can license your patent on commonly agreed terms
find potential companies who may be interested in buying your patent
find if any party is infringing on your patent (as you can sue them for infringement and ask for damages)
also your patent can be put in-front of number of investors who can fund your business based on the patent
if you would like to find out where you can make money with your patent or not, you can contact Patent professionals and patent attorneys here.