Selling a patent

[adventure bob]

Is it a utility or design patent? When does it expire? Have you actually used the patent for a product? If you are near expiration the value is less and less the closer you get. If you have never developed a product against the patent the value is less. If you don't actually have people inquiring about procurement or licensing the patent its worth less. Basically if your trying to sell the patent vice people trying to buy or license it, you have the value.

 

[TheFarmerInAdell]

It is a utility patent. It was just issued about a month ago. We built a prototype, but no fully functional production model. I'm trying to be proactive in getting it sold instead of waiting for someone to inquire about it.

 

[tractorgp]

Have you had any luck finding a buyer for your invention? I know that it is a rough road coming up with an idea and going through the expense of patenting it. I've been there a few times and know what it's like.

An inventor is not necessarily a business person and that doesn't help.

Ultimately your claim to fame might well be that you are the inventor of the idea... even though it might have cost you a lot of money, time, and frustration.

What I like about the current modern means of revealing your idea is that it costs you nothing but at least you will have a form of proof that you are the original inventor...that is what is most important to most inventors (once the idea of becoming rich is behind you).

Sites like TBN Youtube and Facebook are a great to help put your idea out there and to see what people think of it...no money but it will at least show the date that you presented your idea to the world.

 

[TractorGuy]

I thought Lucas Ltd invented the intermittent wiper... and the intermittent alternator... all useless inventions. ��

:laughing: The parts found falling off this car are of the finest English craftsmanship! The reason MGs had wire wheels was so you would have a lead hammer to get the fuel pump started! Etc etc etc :laughing:

 

[TheFarmerInAdell]

I have not found a buyer yet. I have a relative working on it. Apparently she "knows people" and is quite aggressive. We'll see where it goes. Patenting it wasn't necessarily my idea. My dad put up the funds to do it, and now that it is done it's time to see if I can make the money back. Unfortunately my dad passed away before the patent was actually issued so he never got to see it.

 

[sdquick]

It is a hard road. Patent law is a bit of black art more than logical process. Often the best patent lawyers can invalidate a patent or get around infringement. Also, as it has been stated, most companies that come up with their own intellectual property (i.e. auto companies), do not want to even see other patents as they often are very close to ongoing work and they do not want any litigation fights.

 

[bmaverick]

DO NOT sell to the OEs auto manufactures. You will loose in the end. To many famous examples to list. HOWEVER, find companies that supply to the OEs. Namely Tier-1 suppliers. That is where the money is.

ALSO, try NOT to sell the patent. Work with a patent leasing agency or group. This way, a good group will be a legal protection for your patent idea. Now, the Tier-1's or the OE would take notice once the idea is utilized in a product. The brain-child of Stow-n-Go seating wasn't born over night either. Rather it had it's history as a rumble seat or the odd seat in the back of pre-1980 station wagons. The patent novelty of the Stow-n-Go was the pop-up like chair on support legs and the smooth level action of folding that older technology folding seats didn't have.

With all that said, your search will take time to find a reliable firm. Sure, like anything, it does cost money to make money. I've been on both sides.

Now, with that said, new USPTO patents are only good for 17 years as long as the renewal payments are kept up. Patents use to be 50 years and with no frequent renewals. Should your patent reach 12 to 14 years of age, the Tier-1's and OE's are already at work implementing your patent into their products ready to roll it out the month AFTER it expires on the 17th year.

Like I said, I've been on both sides, sadly. In the course of my career, 3 patents ideas were literally stolen from under me and my co-inventors by greedy managers or prying eyes. It would have put my total near 20 and 8 globally. 2 patents of mine are used by people every single day. Those the ones I'm more happy about.

MY mentor ... Stanford R. Ovshinsky - Wikipedia He is known as the greatest inventory in North America since the days of Edison. Without him, there would be no DVD/CD writers/players, no flat screen monitors/TVs, no flexible solar panels (and a cheaper way to make them and get more energy), no cell phones because his battery patents got it to the size to fit in your hand, and the main inventor of NiMh batteries! Like Edison, he had no formal College or university training/schooling. He did it all himself to read, experiment and understand! Stanford will be missed greatly.

 

[jmc]

MY mentor ... Stanford R. Ovshinsky - Wikipedia He is known as the greatest inventory in North America since the days of Edison. Without him, there would be no DVD/CD writers/players, no flat screen monitors/TVs, no flexible solar panels (and a cheaper way to make them and get more energy), no cell phones because his battery patents got it to the size to fit in your hand, and the main inventor of NiMh batteries! Like Edison, he had no formal College or university training/schooling. He did it all himself to read, experiment and understand! Stanford will be missed greatly.

bmaverick, I remember Mr. Ovshinsky from tv appearances, including an appearance on one of Alan Alda's Science series. The overlap of your two respective careers would be an interesting thread.

 

[TheFarmerInAdell]

Are there any specific patent leasing agencies you suggest working with or not working with?

 

[CincyFlyer]

Many patents are so specific that its easy tho make something that does the same but does not fit the exact description.

Patents are only useful for those with the money to pay the annual fee.

The Fidget spinner was patented, but the inventor couldnt afford the annual fee and let it expire. Shortly after, the toys became a huge rage and it made the big guys rich while the patent holder got nothing.

Patents are for implementations of an idea, not the idea itself, thus multiple ways to skin a cat are severally eligible for a patent.