A patent is a document that grants the inventor the right to ownership of a patent. Owning a patent does not make one rich. The best way to make money is to sell the patent to companies that use them. Deciding how to sell and who to sell it is a challenge for most people. It is usually a hard decision to make, especially when there are several companies involved. Consider the following factors when selling patents to companies.
The first thing to do is to research about the firm. You need to know more about their policies, mission, and vision. This will help you decide if they are in line with yours. If they are in line with yours, it will be easy to negotiate, as they will be genuinely interested in the patent. Know the history of the firm.
Consider the use of the invention. The invention can be used in very many different ways. When selling it ask them how they tend to utilize it. The reason for asking this is to prevent the inventor regretting since it was used in the way they did not intend it to be used. You will have a piece of mind if the invention was used in a way that negatively affected the society. Therefore, let the company disclose the intended use before you can sell it to them.
Another way to sell is to use an intermediary or a broker. Instead of selling it yourself, you can appoint a broker to help market it. Brokers are well placed to offer marketing services since this is their specialty. They have networks and contacts of people who have bought different items through them. If the broker is reliable, there is a high possibility that they it will sell in a shorter time.
Consider the level of experience. In every market place, there are new companies and old ones. Most of the old companies have gone through changes over the years so that they can adapt to the changing environment. Such companies have the ability to utilize the invention unlike the new companies. This is because they have the resources and labor to maximize on what they buy.
Consider the benefits that come with selling. Apart from cash, there are other benefits such as paid membership to exclusive clubs, ownership of stock and many more. Each firm will offer different deals so choose a firm based on the deals they place on the table.
After reaching to an agreement, the next thing to do is to draft the agreement. Consider hiring a lawyer to help in drafting the final agreement. Lawyers are the best people since they have the knowledge of drafting agreements. Ensure the other party signs the agreement. It can be used in case of disagreements.
There are many factors to consider before selling to a company. With proper evaluation and negotiation, it will possible to sell it to a company with the best offers. Make consideration of the above factors when selling.
The first thing to do is to research about the firm. You need to know more about their policies, mission, and vision. This will help you decide if they are in line with yours. If they are in line with yours, it will be easy to negotiate, as they will be genuinely interested in the patent. Know the history of the firm.
Consider the use of the invention. The invention can be used in very many different ways. When selling it ask them how they tend to utilize it. The reason for asking this is to prevent the inventor regretting since it was used in the way they did not intend it to be used. You will have a piece of mind if the invention was used in a way that negatively affected the society. Therefore, let the company disclose the intended use before you can sell it to them.
Another way to sell is to use an intermediary or a broker. Instead of selling it yourself, you can appoint a broker to help market it. Brokers are well placed to offer marketing services since this is their specialty. They have networks and contacts of people who have bought different items through them. If the broker is reliable, there is a high possibility that they it will sell in a shorter time.
Consider the level of experience. In every market place, there are new companies and old ones. Most of the old companies have gone through changes over the years so that they can adapt to the changing environment. Such companies have the ability to utilize the invention unlike the new companies. This is because they have the resources and labor to maximize on what they buy.
Consider the benefits that come with selling. Apart from cash, there are other benefits such as paid membership to exclusive clubs, ownership of stock and many more. Each firm will offer different deals so choose a firm based on the deals they place on the table.
After reaching to an agreement, the next thing to do is to draft the agreement. Consider hiring a lawyer to help in drafting the final agreement. Lawyers are the best people since they have the knowledge of drafting agreements. Ensure the other party signs the agreement. It can be used in case of disagreements.
There are many factors to consider before selling to a company. With proper evaluation and negotiation, it will possible to sell it to a company with the best offers. Make consideration of the above factors when selling.
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