The classic dream for many inventors is that when their patent gets approved, they will bring their product to market and sell it to enthusiastic customers. While this is a great dream and goal to have, not all inventors get there. That doesn't necessarily mean that the invention is a bad idea! Many factors contribute to the success or failure of an idea. If you find yourself in this position, it may be wise to sell the patent. Here, we’ll break down why your invention may not be performing as you wish and how selling your patent can be a potential solution.
Why Is My Invention Struggling?
Just because you have a patent doesn’t mean customers will automatically come. Now the real work starts of getting your product produced, marketed, and hopefully, turning a profit. Unfortunately, despite some inventors’ best intentions and efforts, the profit may not come to fruition for a variety of reasons. A common hurdle is not having the proper resources to bring the product to market. One way this can play out is if the product is in high demand, but the company can’t effectively scale up on its own or secure financial backing. Maybe the inventor doesn’t have the time or extra money to interview and hire more people on their own. Perhaps they can’t secure more funding from investors. This causes the business to suffer due to not being able to meet demand. On the other side of the coin, your patent may suffer because you can't market it. In both of these scenarios, selling your patent can allow you to reach your goals in other ways.
How Can Selling My Patent Help My Invention?
The main aspect (and potentially the drawback) of selling your patent is that once you sell it, you’re removing yourself completely. For some, this isn’t ideal, as they want to remain involved in the patent or product’s lifespan, for which licensing might be a better option. For others, this gives them the chance to receive some cash quickly, empowering them to pursue other ventures while someone else handles this one.
If you’d like to move forward with selling your patent, it’s important to know what steps to take. First, you’ll need to look for companies that are in the same market as your patent and pitch them, which includes creating a presentation and sell sheet about your product and why it would be a good fit for them to purchase. You will also want to know the market and valuation of your patent, so that you can ensure you are asking for or accepting a fair price. Global Patent Solutions can assist you with this, as our patent valuation services help inventors make smart projections about demand and production.
Interested to see how much your patent could be worth before you consider selling it? Global Patent Solutions can help you make an informed decision. Contact us today to get started.