Patents are the legal rights of your invention that makes them exclusive to you only. However, there is no point in making an invention or developing a technology that cannot generate revenue for you. Thus, you need to hire IP legal services as they help getting the patent for your invention, and monetizing it.
Going for patent monetization adds the value to your invention that brings monetary benefits to you. Since, patent monetization needs careful strategic planning and execution which demands expertise and skills. IP legal services providers help you bring best out of your patent. This article presents all the knowledge that can help you in monetizing your patents. So keep reading.
Also read: IP Paralegal Trademark
Factors to Consider Before Seeking IP Legal Services for Patent Monetization
Before investing you need to look into prime factors to follow to get best patent monetization service. They are as follows –
Why You Need Patent Monetization Service?
Different organizations have different reasons to avail IP legal services, below are the reasons you should avail patent monetization services –
- Recollecting the money spent on R&D to develop patent and earn profit from it in future.
- You can also eliminate your competitors from the market. In the later part of article you will see how to do it, so keep reading.
- Filing for patent is also patent monetization, thus you emerge as a promising leader of the technology in that field. It increases your reputation in the market and you receive more business.
Which Patents You Should Monetize?
Big companies have large patent portfolios thus it is important to select the patents that you want to monetize. Hiring IP legal services eases this situation for you as they analyze all the patents in your portfolio. They then identify and select the potential patents that you can monetize. Now you can easily abort all the obsolete patents from your portfolios.
How to Monetize the Patents?
There are many techniques using which you can monetize your patents. It all depends upon the owners of the patents what technique they want to choose. However, it may be very confusing to select which technique will be best for you. Thus hiring the IP legal services for patent monetization will help you in this situation. Keep reading to know what all techniques are available to monetize your patents.
Also read: Patent Law Paralegal to Deal with Office Action
Different Ways of Patent Monetization
A patent is able to generate revenue if it bridges the gaps of customer’s needs in the market. It is also a form of patent monetization however it is not limited to this only. All the techniques that can make your patent turn into revenue generating option are called as patent monetization techniques and this all together is known as patent monetization.
Below is the list of few patent monetization techniques that you can follow to earn monetary benefits from your patent portfolio –
GETTING PATENT FOR YOUR INVENTIONS –
Once you come up with an invention, you cannot launch it into the market until you obtain legal rights for it. It is because anyone can use your invention on his name. So, you need to hire IP legal services to get the legal patent grant for your invention. It prevents the competitors from using your invention illegally. Now, your patent is ready to launch into the market, and only you will earn its monetary profits.
DEALING WITH IDLE/OBSOLETE PATENTS –
As stated earlier, large businesses have thousands of legal patent grants in their portfolios. As the time passes many of them get obsolete and only small part of them actually generates revenue from market. However, all of them require cost to be spent on their maintenance which is a waste of money.
Thus, you should identify all such patents which have become obsolete and possess no future scope in market. IP legal services help you identifying all such obsolete patents. You can then remove them from your patent portfolio. It prevents you from spending unnecessarily on maintenance of obsolete patents. And as the saying goes, “saving the money is earning money” hence it will act as an effective patent monetization strategy for your company.
PATENT LICENSING –
Suppose you come up with a new technology that can attract lot of customers in the market, but you don’t have the capacity to effectively use it. In such cases, you can find potential companies and give them the legal license in return of licensing fees to use your patent technology on their name. They can sell, develop, and use it in their own way. In fact, it is one of the most popular patent monetization techniques.
REPORTING INFRINGEMENT OF PATENTS (ENFORCEMENT) –
If someone infringes your patent rights illegally, then you can file a legal case against infringing entities by asserting your patent rights. However it takes lot of your time and monetary investments also till the result of hearing comes.
Thus, taking IP legal services you can settle with the infringing entity before filing the legal action against them. You just need to ask in return the compensatory money to be paid to you. They will have to agree on your terms as the result of hearing may cause serious harm to the infringing party.
MERGING WITH OTHER COMPANIES –
It is possible that the two companies may work on developing patents or technologies that are quite similar. Thus, you both can support each other and speed up your innovation process by utilizing the resources of each other. It needs both of you to come up with merger and acquisition. IP legal services help you find such companies.
It helps you eliminate your competitor in the market by making the market common to both of you. It also lowers the burden of making all the expenses and efforts alone as you both can now divide it among yourself. Usually the company which is bigger merges the smaller company into it by paying a price and takes full help from them.
Also Read: How Trademark Paralegal Keeps Your Brand Safe?
Whom to choose for Patent Monetization?
One thing becomes very clear that patent monetization affects your monetary benefits. Further it cannot be done without the help of a third party i.e. IP legal services providing patent monetization service. Thus, we at “Patent Paralegal Force” take the burden of getting best from your patent on our shoulders.
We work with 200+ patent experts in our team having experience of 10+ years in IP industry. Our services extend to every geographical area. We help you get patent for your inventions using state of the art tools. Read more about our services here.
Other Related Articles:
Two companies, Same Name: Is this trademark infringement?
What is Patent Proofreading & its importance?