Patent: Tips on how to sell your patent as a researcher

How to sell a patent
Patent/Researcher/Research Patent/Author/Author Assists/Sell/Publishing

Patent: Tips on how to sell your patent as a researcher

What is a patent?

A patent refers to a form of legal document with a form of intellectual property safeguarding ideas/intellectual property owned by someone (researcher, inventor) with the right granted by the government to hold ownership of his intellectual property/invention. It gives the owner the legal right and authority to make use of his other work and sell them for a limited period.

During this period, the owner has the legal right to exclude any third party from using, making, or selling the same intellectual property/invention.

As a researcher, a patent is a crucial step in licensing intellectual property and works of significant importance that contribute to the public welfare and scientific community.

Independent researchers and inventors make a living from selling their patents, intellectual properties, and inventions to companies and organizations who have the resources to bring the idea to fruition and commercialize it widely.

Therefore, it is the sole responsibility of a researcher/inventor to license his ideas and works that can be stolen by others, which could lead to loss of credit and opportunities.

Tips and guidelines on how to sell your patents as a researcher.

1. License your idea

The first step before selling your idea as a researcher or inventor is to license your research and idea  to a company or organization so that you can benefit financially throughout the product’s life cycle. Authentic companies and organizations value new ideas and turn them into life-changing products and solutions as well as gives you the proper credit and monetary benefit you deserve. Organizations help in research if they see a scope in the idea turning into a useful product someday.

2. Presentation

The most crucial part of selling a patent is presentation. No matter how significant your ideas are, without a proper presentation you cannot justify your idea is worth investing. Preparing a detailed presentation to demonstrate how your idea would benefit others is crucial, and the company will decide whether or not your ideas/inventions are worth investing in. The most powerful evidence of your product is a prototype. Devote your time to create a prototype to demonstrate and convince that your product is capable of solving problems and is worth investing in by companies.

3. Detailed analysis with economies of scale

Create a detailed analysis explaining the usefulness of your invention. Use graphic images to explain and give a clear understanding and purpose of your concept, providing details of the cost to develop and manufacture. No company would buy a patent without knowing the economies of scale involved. Also companies can manipulate to undervalue your idea if you show signs of being unaware of its value.

4. Document your idea

Take your time and write down everything about your idea, including the time, place, and process that led to the invention. Make sure you create a clean, professional copy of your patent. Make sure to include all possible applications of your concept. Write in detail about the purpose and cost of making it. This document will help as a reference guide during your presentation as well as give the impression that you know your value. Learn more about companies that are producing similar ideas and make a note of it to validate the value of your invention. Make it a priority to showcase that your patent can be turned into a physical product capable of solving scientific problems.

5. Strategize

Be very strategic with your target by making a list of companies that require your idea or have the platform to promote your concept. Make sure you approach research based companies whose production scope aligns with your invention. Researchers are not always entrepreneurs, so getting into doing business using your intellectual property/ideas can be a gamble at times. To stay safe, utilize publishing platforms to promote your work/concept. Take part in competitions to know the face value of your idea and how people respond to determine your next step.

The above tips are intended to help researchers understand the importance of patenting their intellectual properties and research findings, thus enabling them to sell their patents to earn profit and value.

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