When it comes to any invention or creation, the first thing that must be done in assuring safety. That is why there is a patent institute. A patent is a title of protection, which certifies the exclusive right, authorship, and priority of an invention, utility pattern, industrial design, or selection achievement.
However, besides the guaranteed property right, which protects your invention, a patent gives the possibility to monetize your idea.
It is possible to use patents to earn money in the following three ways:
- Use your patented invention as a product for sale and make money on sales.
- Provide patent licensing and sell a license for the technology the patent uses for production to third parties.
- Sell a patent.
Of course, the third method is the fastest and the simplest way to provide patent monetization. There is no necessity to spend your time and effort on the manufacturing process or conclude long-term contracts.
In addition, if you decide to sell the patent, you get a chance to receive a large sum immediately. So, how much money can you make by selling a patent? Thus, today, it is possible to earn from $5,000 to $35,000 for selling the patent. The price depends on the idea and uniqueness of a certain invention, the company interested in the purchase, your competitors, and the market situation in general.
Furthermore, the value of your patent is affected by the presentation of your invention or design. So, how do you pitch a patent to a company to make it want to acquire your invention for the highest price?
To convince a company to invest in your idea, it is necessary to:
- Focus on the essentials and avoid difficult terms.
- Show exclusive characteristics of the invention.
- Define potential customers.
- Use examples.
Focus on Essentials and Avoid Difficult Terms
There is no necessity to describe all details. The company is interested in the benefits of your invention, not in its structure. In addition, simplify the presentation to make it more comfortable to understand your idea.
Show Exclusive Characteristics of the Invention
The market is filled with various products and services. If you want to achieve success, you need to stand out from the mass. No company will invest in an unoriginal invention.
Even if you did not invent something extremely new, but your product could bring advancement to the niche, you can successfully sell a patent. Just prove that product is an improved version of something existing.
Define Potential Customers
The company that wants to buy your patent is going to spend a large sum. So, it is obvious that it wants to know how your invention can help earn a bigger amount.
That is why it is important to demonstrate that there are customers who will pay for your invention.
To present the financial benefits of the patent, familiarize investors with successful examples of the production and selling similar products.
All in all, the best way to sell the patent is to determine its uniqueness and find the most appropriate investor.