How Can I Monetize My Patents Globally, Without a doubt, there is much value in intellectual property as far as the globalized market of today is concerned. If you have created and patented something novel, then there is a unique opportunity for you to monetize on your intellectual property. But how can you do this in the global markets? To help you profit off your patents, this article will delve deep into strategies and avenues you may explore to unlock the full potential of your patent assets.Before discussing how to monetize patents, one should understand the basic premise of patents and intellectual property. A patent is a legal right given by law to an inventor of a new useful and nonobvious invention. This right gives you the exclusive use, sale, or license for a patented invention for a specific period of time usually 20 years from the date of the filing. Today, patents are considered worth in business. They no longer just protect but can also be a source of income. It is possible that income may be derived from the patent either through licensure, selling, or making a business from the invention itself. However, patent monetization in the world is different with a different outlook taking into account the national variations in patent systems, economic environment, and different legal regimes of each country. Here is how to make full use of your patents in the rest of the world.
1.Patent Licensing: The Mightiest Global Play
The most common source of income derived from your patents is patent licensing. Patent licensing refers to granting the rights of another company or person to use, make, sell, or distribute your invention for some royalties or even a one-time payment. Licensing agreements come in various forms:
- Exclusive Licensing: With such licensing granted you ensure the holding of exclusive rights to your patent over a geographical location or business domain and therefore ensure not to license it out to someone else within the concerned area.
- Non-Exlcusive Licensing: With such a licence you will permit allowing others with large companies and various individuals that subsequently helps maximize potential returns on patent earning
File your patent in countries that have keen interest in them before licensing worldwide. This means patents are filed in territories where you want to license your technology. Some regions operate under the Patent Cooperation Treaty (PCT). As a result of this treaty, the world has made the international patent application process easy as merely filing one application for patents under this treaty for protection in more than 150 countries.Once your patent is protected, then it is the time to search for potential licensees. Some research is required to identify those companies that will benefit from your technology or innovation. Here are a few ways to identify and approach potential licensees:
- Industry Events and Trade Shows: These events are an excellent place to meet the potential licensees interested in your patented technology.
- IP Intermediaries and Brokers: You could get people holding the right of license of your patent if they are selling through foreign countries for which you are not contacted at all.
- Online Platforms: IP Marketplace and Tessera: The opportunities where patent owner reaches companies ready to license their patents.
2.Licensing of Patents
Licensable product- A one-time front Payment Another simple way through which you can earn money on patents all over the world is by selling your patents. If, as a substitute for royalties, you want to get a single amount of cash, then selling your patent might be your best choice.
How Do I Make Money from My Patents Worldwide by Selling Them?
The process of selling patents is much more complicated than signing a contract.
what you need to consider:
It is the most crucial phase before sale. Here, the value of the patent has to be calculated in terms of market demand, the competitive landscape, and how unique the invention is.
- Find buyers: They sell to corporate giants, small firms, or even patent investors. Patents are usually bought from places with worldwide markets in pursuit of acquiring these patents to eliminate their competitors with the expansion of some technologies, drugs, or green energy.
- Patent Auction Sites: There are a number of auction sites where a patent can be put up for an auction and then sold to the highest bidder. Those places also allow international bidders to bid for one’s IP as well.
Selling one’s patent puts money in pocket immediately, but it also means losing all the ownership and control of the created invention. One may be all right with that and seek easy money; therefore, selling would appear to be an excellent idea.
3.Enforcement and Litigation of Patents
There are other situations when money is recovered from a patent through enforcing rights against an infringer. The owners can sue any infringing person or organization using one’s patented invention without permission.
How Can I Make Money from My Patents in the World Using Enforcement?
Patent enforcement can be very profitable, especially if your invention is being used by many others without compensation. This, however, requires much more investment into finance and law and should be done with much caution.
- Identify Infringement: First of all, one needs to check that others are infringing a patent of his own. He can identify infringements through the market or a search in patents.
- Remedies: Against the infringer, the remedies are sending him a cease and desist notice and bringing him to court and filing a suit for patent infringement. Or the parties can also settle out-of-court.
- Global Enforcement: This kind of global enforcement is actually a little more complicated since legal jurisprudence varies from region to region, and at times even includes several lawsuits in multiple countries.
This can actually attract very high damages; however, enforcing your patent worldwide is generally a time-consuming process and pretty expensive. It is usually possible only in the case of very large-scale infringement.
4.Start Your Own Company
Yet another interesting way in which you can capitalize your patented innovation is by actually building your very own startup around the patented invention. Here, you have greater direct control over monetizing your work but it is a great eater of time and money.
How to monetize your patents overseas by creating your very own startup?
Building a business on your patent includes such aspects as developing your product or service based on your patented technology, marketing, and selling it. A scalable business model across all markets means the difference between worldwide success and failure. Here is how to do it:
- Business Plan: First, a good detailed business plan that will describe your goals, the market demand of your product or service, and the financial requirements needed to spread your business globally.
- Manufacturing and Distribution: For every industry, partnerships with manufacturers and distributors have to be set up in foreign countries to bring your products into international markets.
- International Expansion Strategy: If your product is something with international appeal, look to licensing, joint ventures, or franchising as an expansion strategy.
- Patented Product Designing: Make sure your patented product is designed well for a specific marketplace. What the design should be is to tailor to local tastes or regulatory or cultural differences in those target markets.
5.Patent Pools and Alliances
If you are holding a standard-essential patent, then joining a patent pool or entering into a strategic patent alliance would be extremely advantageous to you.
What are Patent Pools and Alliances?
A patent pool is a cooperative relationship involving the owners of patents gathering and deciding to cross-license patents amongst each other or even with third parties. Through this, firms may form their bundle of patents and distribute licensing income amongst themselves. This often occurs in industries such as telecommunication and information technology where the product to be produced will entail a high number of patents.By another patent alliance, you share information and resources together with other businesses that are somehow similar to ensure an increased coverage globally and possibly accessing the scope of licensing possibilities.
FAQ Monetize My Patents Globally
1.In what ways could a patent have earnings without exporting it to others for sale across the globe?
You can license patents all over the world, using licensing agreements: where you allow other people to use your patented technology in return for royalties; you can bring a patent lawsuit against infringers, or run a business that depends on the patented technology you invented.
2.How to best protect a patent internationally?
You would protect your patent worldwide, but filing it through the PCT, in which you would apply for many countries at once and the countries individually will have its own national patent office with various regulations.
3.How to find potential licensees for patents?
You can find licensees by attending industry events, using IP intermediaries or brokers, or listing your patents on online IP marketplaces. Or you may contact companies who might be useful to your innovation directly.
4.Am I free to start my own business to monetize my patents?
Yes. With patented technology you could begin here and be well into developing some sort of a product or service associated with that patent, working its way on the global marketplaces but entails lots of heavy investments and a whole lot of efforts.
Conclusion of Monetize my Patents Globally
Patenting all over the world offers new chances to holders of patents in their direction. Everything-practice-whether it be licensing or sale, enforcing or creating a business venture and stepping into a pool of patents-favours as well as exposes problems for patent owner. In all likelihood that will be sufficient enough for a participant of such a project, when planning such, to calculate his objectives, his means of power and medium term strategy ahead. Remember, monetizing patents through globalization is really a very time-consuming and energetic process, but the potential reward is vast. Knowing your patent value, protecting it internationally, and the different avenues generating revenue will get your intellectual property yielding its true effects.
