Patent monetization is when a person generates or tries to generate income by a person or a company in form of selling or licensing the patents it owns.
As an entrepreneur, having ideas of how you can achieve a profiting patent is a good strategy. Filing patent costs too much time and money, hence one needs to be careful with how he/she can build up the invented product and how to handle the infringement cases.
Let us see some of the ways you need to know on how to strategise your patent monetization.
GET A VALUATION ON YOUR INTELLECTUAL PROPERTY PORTFOLIO.
Patent valuation is the process of calculating the actual value market of your Patent or Patent portfolio while working out on several deals like sales or patent licensing.
An attorney or non-attorney business person goes through your Patent Portfolio and determine the kind of values it has. After the valuation, you will now know the value of your portfolio depending on the current state of the economy by that time and how similar the patent in question is to other Patents.
CONSULT A PATENT ADVISOR
In intellectual property law, it is necessary to have an advisor just as much as how it is to get an attorney. A patent advisor is very important because he is good at analysing business and economic specialization.
An Intelectual Property advisor is well professionalised in guiding you with all the required steps. It might be how you can generate your revenue from monetization strategies that already exist or how you can boost up your monetization plans.
Most importantly the Patent advisors are there to pull up your goals on how to go for intellectual property monetization plans.
CONDUCT A RESEARCH ON PATENT BROKERS.
A patent broker is a mediator who analyses the assets and works out on patent portfolios for marketing. They usually focus on processing transaction between Patent holders and Patent buyers.
Note that a patent broker and a patent attorney are not the same, these professionals work differently. So if you need a patent advisor, do not go for an attorney, but rather go for both of them because they play different roles.
HIRE AN INTELLECTUAL PROPERTY LAWYER
Hiring an intellectual property lawyer whenever you want to monetize your patent is a big recommendation. An intellectual property lawyer has more powers than a non-attorney or the patent broker.
They have authorization of suing, protecting you in the court of law if you ever come across any infringement case and also helping you in legal applications.
THINK OF SELLING YOUR PATENT
One of the hardest things to do is selling your Patent. Imagine letting go of something that took much of your time and money to create. But selling your patent is the best profitable monetization strategy.
For proper procedures, you can sell your patent through the patent broker or else from your attorney.