Patent monetization gives companies the ability to generate more revenues by selling or imposing to others the patents that they have. Nevertheless, if a company decides to do this, they need to consider a few things first. There are certain steps that they need to follow in order to get the most out of the process. Here are the details worth thinking about.
Before the first step can be done, adequate planning must be secured. Prior to the planning though, you must determine all the goals that you have for the project. Of course, your goals or objectives will be like your driving force to achieve something. You will never be able to measure the efficacy of your measures unless you have targets to accomplish.
Some of the common goals that companies have when selling patents include recovering certain investments such as that used for research and development. Another is to gain leverage against a particular competitor in the industry. Others sell patents for the purpose of simply generating revenues and becoming a leader in the industry.
Of course, when you have patents to sell, you need to know how much they are going to be worth. You do not want to just sell anything without getting to know what you would get out of it. Thus, the next step in the process is to identify which patents would be worth selling. You need to consider a few points for this.
Other than the values of the patents to be sold, selling companies may also want to determine if there are any infringers for their patents. This can be opportunity for them to sell. They also need to know if the claims of their patents are strong enough and if they will serve the technological needs, both core and non core, of prospect buyers.
After finding out what is worth selling, you need to determine what strategies or campaigns you can use to sell the patents. If you have infringers, you can deal with them through legal means by litigation. You may also get assistance from a third party by doing indirect licensing or participating in sales done by patent brokers.
Other companies prefer doing the selling hands on. They can do this by using their own patents on their own products. Certain establishments can assist their client commercial companies in doing this. For companies who are quite inexperienced in this type of procedure, getting a third party for help might be recommendable.
Determining prospect buyers is indeed a must to make the process successful. Aside from finding out who your infringers are, you need to know certain things about these prospect buyers. Get an idea on how actively can they be involved in the monetizing, and if they will be willing to take the risks involved. Set aside a budget for your campaigning activity too.
Patent monetization is not an easy thing to do, although it is highly beneficial in the long run. There are certain steps that have to be followed. If you wish to get the best out of it and it is your first time, getting assistance from an expert might be helpful. Just make sure you hire an experienced, credible, customer oriented and cost efficient partner for the project.
You can visit the website www.patentedplus.com for more helpful information about How To Successfully Do Patent Monetization
Author: Celia HallThis author has published 202 articles so far.