A Board Certified Patent Attorney

Posts Tagged ‘licensing’

Patent Riches through Licensing

Patents may grant you exclusive rights to prevent others from manufacturing, selling, and importing your idea…but that doesn’t necessarily mean the money will just fall into your lap. To actually profit from your patent you must do one of three things… 1.       You must create and sell some aspect of the product 2.       You must sell the actual patent itself 3.       You must license the patent to someone else What option should you decide on? That’s what we are going to talk about today. Why license your patent? The obvious reason is to avoid the hassles of running a business (things like manufacturing, stocking inventory, and actually selling product). The not so obvious reason is that you may not know how valuab