You’ve got a patentable invention but you’re not sure what you should do with it. What are your options for making money? This article will provide information on how you can make your invention marketable which includes manufacturing and IP licensing.
The first step is to study your invention thoroughly and be familiar with the market it can be utilized in. Research on market research is crucial!
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Google is an excellent source to do this. You can look up the top companies and new competitors in your market and then review their offerings and services. Business magazines, blogs and business publications on the internet are excellent sources of information. Keep on the lookout for new technologies that are likely to be in demand in the near future and will likely be attractive to your targeted markets. There may be an item that violates your technology and you can bring an IP suit for infringement against the maker. Your technology could be utilized to enhance the performance of a product that is already in use. This could result in IP licensing opportunities.
If you wish to be successful, you need to think about the requirements of your customers. Pay attention to the opinions of the opinions of customers on social media, companies’ websites, e-commerce sites blogs, as well as other platforms on the internet. Help customers solve their issues in relation to current products by analyzing their feedback. It is possible to build your brand and build your own fan base through doing this. Customers can also be informed about upcoming product launches or business plans.
Let’s take a look at an illustration. A device that is electronic is sold by a business. It is experiencing an early issue with heat-up. There is a solution. You can look on the internet for feedback on the issue and then inform the clients that you have an answer. You can establish trust with customers and make it easier to promote your product.
Market research is only half the fight. The next step is to look over market analysis reports and develop an unique IP strategy for monetization. There are two options available:
Patent licensing is similar as renting a house to tenants. You own your IP rights, however you permit others to use them to create and sell your products for a specific time. A licensing agreement may be signed between corporations or individuals. The IP owner is referred to as the licensor, and the licensee is the one who is granted the right to make use of the patent-protected technologies to sell or manufacture and/or use of the same.
As an IP owner are entitled to define the conditions and terms of your license agreement. You could be required to pay a portion of the royalty or a set sum to cover future sales.
It’s difficult to determine the amount of money you can earn as an inventor when you license your invention to other companies. The amount depends on valuation of your patent. It is affected by a variety of aspects. The factors that influence this include:
- The size of the market in total and the rate of growth
- The number of customers not protected by the patent
- Customers make purchases
- Costs and taxes related to product development
- Manufacturers earn a profit each year.
There are two kinds of IP licensing that are exclusive and non-exclusive. Exclusive licensing grants the licensee all rights to market and create the invention. This is typically done by start-ups to aid them in growing. Non-exclusive licensing, on contrary, gives multiple licensees to access the patent-pending technology at the same at the same time. This increases the IP’s potential.
Create your own
The royalties an inventor earns through IP licensing typically range between 2and 10 percent of the total revenue. It is recommended to consider making your own products and then selling them.
Ron Westrum and Ed Zimmer discovered that over half of inventors who created their own products and were able to sell their products effectively.
You need to be knowledgeable about the world of business to be an effective businessperson. These traits of a person are crucial.
- Salesperson Every entrepreneur has the same goal: to sell their product to the largest number of customers. It is important to inform people about your product, and get them to sign up as paying customers.
- Be prepared to take a risk:You may have to leave the crease in order to score six points on the final ball. This is the way to take the lead in the game. There’s always the chance of losing the ball however it’s not an alternative. It is also important to be open to taking chances to expand your business. Even if you are experiencing financial difficulties or bankruptcy, issues, there are good chances of returning to the table for another chance.
- InnovatorInnovation is an essential instrument for growth of businesses. You must be an expert in this area. Offering new services or products to your customers, as well as providing existing customers with latest technologies will help you to attract new customers and keep your current customers.
- Manager: You should have management skills and be able to lead the team. Knowing that employees are the heart of any business is crucial, and could aid in increasing sales. This which requires you to stay determined and focused.
There are two methods to put an invention on the market either through manufacturing or licensing. It’s difficult to determine which one is more suitable. Each has its own benefits and disadvantages. It’s your choice to decide which is best for your needs.
The goal you are aiming for must be crystal clear. You could start your own company, or let someone else make use of your IP rights.
The return on investment is greater if you go with manufacturing. It takes hundreds of dollars to begin an enterprise. IP licensing is the most effective alternative if you do not have enough funds.
Manufacturing or licensing, what do you think is best option for IP commercialization?
Scintillation Research and Analytics is a leading IP services firm based in Mohali, PB, and it specializes in intellectual property search, IP licensing, prosecution, and market research.
Scintillation’s patent report is different from other IP companies due to the fact that they contain specific market data, such as trends in the market as well as competitor analysis and need analysis. Customers can gain a greater understanding of their customers’ requirements and markets of choice, and thus develop distinctive strategies for IP.