5 Tips for Selling Patent Ideas

After years of hard work in creating or inventing, you suddenly find yourself a bit strapped for cash that has become the barrier in carrying out the final implementation of your invention. If you decided that the best recourse is to sell your patent idea, here are some tips on what to do.

Prototypes

Creating a prototype should be the first, or at least in the top 3, of your to-do list. Keep in mind that the best sales pitch is one that is always accompanied by a product.

This allows the potential buyer to see, hold, and even try out the product for themselves to give them an idea of just how marketable it is.

Add the fact that it would be the best way to show that your idea actually works or that it is better than what is already available in the market.

Due Diligence

Take the time to conduct some research on the best patent and licensing sites that can help you sell your invention.

They can also act as your business consultant, so you get a clearer picture on the value of your invention in monetary terms to avoid getting short-changed by potential buyers.

Trade Fairs or Direct Contact

Trade fairs are actually a good way to scope out the current market offerings, latest inventions, and possible buyers for your invention.

If you created  your product with a particular industry in mind, directly contacting representatives of the companies in that particular industry might just be your best bet in selling your patent idea.

Documentation and Licensing

Hire the services of an attorney who specializes in IP law, so you won’t overlook the minor but very important details that should be added in your negotiations and final contract.

Payments

Payments in full are the best and highly recommend choice. It saves you time from doing several follow-ups and provides you with time to focus on more important matters like creating your next invention.

Once you have everything written down to both your and your potential buyer’s satisfaction, make sure that you both have attorneys present on the closing date.

Need assistance? Contact us at EE Patents.