Loading...
Answers
MenuWhere do l go to sell my patented idea?
l have an innovation which is covered by a provisional patent which I'd like to sell
Answers
First of all, what you have is a provisional patent **application**. For now, the provisional patent application is not publicly available. This can be a big advantage to you. You can use this time to improve your invention and file additional provisional applications. If you don't plan on making/practicing the invention yourself, you should make sure to try to think of everything possible regarding how that invention can be improved. This would (hopefully) come naturally to a practicing inventor.
When you file your non-provisional application, your disclosure will be made public ("published") 18 months from the filing of the non-provisional.
While your applications are not publicly available, I suggest waiting until you file your non-provisional application(s) to talk to others. Quite often, provisional applications do not have the detail or the scope that the non-provisional will have -- due to the time spent on getting drawings accurate and making sure everything is included in your non-provisional applications. It is best to have a complete application before talking to practicing companies. Sophisticated companies will take advantage of information not disclosed in your provisional application to file their own patent applications.
If your applications are not publicly available (or even they are published), you should sign confidentiality agreements (non-disclosure agreements) with anyone you talk to about licensing or buying your invention. Keeping track of who you talked to with confidentiality agreements can be the basis for "notice" of the invention by an infringer -- when they eventually steal your invention.
You can sell your idea anytime, but a provisional application is worth a lot less than a non-provisional application which is worth less than an allowed application or issued patent. Provisional applications are generally not as complete as they could be -- and require additional time and finesse to complete the non-provisional application. In terms of appearances, if you are not willing to put in the money to file the non-provisional application, the invention is likely not worth that much money.
Companies as well as non-practicing entities may look at provisional applications, but not for long, and will not give you the kind of money that you may get from selling a fully examined patent. Of course, it depends on how good your invention is.
Typically, no one buys provisional patents unless they are really beyond amazing. most aggregators purchase issued patents or portfolios of applications. Most companies license issued patents. I know it is not what you want to hear, but it is essentially true.
That said, if you do your research, you can identify those companies that may be willing to pay for your patent pending idea and you may be able to negotiate an exit or a royalty deal, depending on the value of said idea.
It is quasi impossible to sell a provisional. First, do the claims and file the patent. Once it's granted, then you will be able to look at licensing options.
I actually run a fund that brings patent to life, we don't buy patents, we give equity in exchange of the IP.
If you want to know more, we can have a call.
Thanks.
Related Questions
-
How do you convince your customers to pay for your consultation time on clarity?
The way I see things, a pay-per-minute phone consultation ought to involve no sales pitch whatsoever. Nobody wants to pay for that, and nobody should. Consulting and sales are utterly different roles. Mutually exclusive, in fact. Is your value proposition external to the call or internal? A consulting call ought to be self-contained. By the time a client hangs up, they ought to be in a better position than where they started – with no further obligation to pay us. So ask yourself what the purpose of the phone call is. If your goal is to sell a product or service – a useful WordPress plugin in this case – then the call is a sales presentation not a consultation, and it ought to be free. The hard truth of sales is that a large percentage of prospects (the majority, usually) won't buy, even after a 30-minute presentation about the virtues of your offering. Time spent talking to dead ends must be factored in to your price and recouped by successful sales. Adding that cost as a fee for the sales pitch itself won't work out well. This is sometimes a tough distinction to make. In my own case, I offer a number of services (e.g. brand name creation) that go beyond the scope of a 15-minute phone call. When someone is paying me $5 per minute, I don't want to squander their time and money by explaining some other paid service! So the rule I've set myself is to stick to problems I can solve on the phone. When it's appropriate to explain the broader services that I offer, I try to do so in a non-paying context. Mainly through email. There's nothing wrong with using a free Clarity.fm call for a sales pitch. But it does sound like you're using phone calls in order to pitch a purchase; so charging for such calls would probably backfire.JP
-
As an LLC, how can I handle being sued for patent infringement if I don't want to go to court?
Any suit run by a competent lawyer will ensure that the parties named in the suit include everyone who might be able to pay. So, while your LLC might own some products, it may not be the only entity sued. You might be sued, along with all kinds of other people and companies. I'm not saying there's nothing you can do, but you certainly cannot escape having to defend a suit. Anyone can sue anyone else, even if the suit will ultimately be unsuccessful. You ask how can you handle being sued without going to court? The answer is negotiate a settlement that results in the lawsuit being dropped. So, what have you got to trade? What damage could you do if they continue to sue you, and so on.DF
-
How can I sell my app idea, and do I need to get it patented?
This is a little hard to answer because it is so vague. It depends on the area, the market and the strength of innovation. I know that The App Guy has a terrific podcast at http://www.theappguy.co/ and is also trying to organize a community for App developers to sell their ideas. Let me know if I can be of further assistance to discuss patentability in terms of its value to getting a sale or license. What ever you do, don't spend money filing a full patent, just a provisional. Good luck.TH
-
I have an idea of a hardware product, that has received good feedback until now.Should I fill for a provisional patent or start an indiegogo campaign?
The answer: do both. The first thing you need to know about patents is that the U.S. now has a first-inventor-to-file system after the American Invents Act (AIA) went into effect in 2013. I have to disagree with Dan above: for hardware inventions especially, a patent is an important part of the business plan. The first inventor who "races to the patent office" now is typically the winner. This means if you do not file for a patent on your invention, you can lose the rights to your invention much easier than before the AIA. The next step is to think about how a patent fits into your business plan. A patent application is but a tool in your bag when starting up. A crowdsourcing campaign on a site like Indiegogo can validate the idea. But it also puts the idea out to the public and starts the 1-year clock ticking on when you can get a patent. For hardware startups, however, if you're not thinking about a patent upfront -- you're likely leaving a massive amount of your product's value on the table.JP
-
Should tech start ups with a sole owner/founder/inventor (patent pending) filing an LLC License or Assign patent rights into the newly formed LLC?
Simple answer. Assign the ownership of the patent prior to closing any investment that is sufficient to market validate your invention. Investors will require an absolute assignment of ownership of any intellectual property. Given that you don't actually have a patent yet, you will be doing a general assignment that will include all assets and rights around the idea. I would also caution you not to over-emphasize the value of a provisional patent or patent application in-process. There is *zero* value to a provisional patent or patent in-process so don't let this distract you from operating your business and building out your product/service.TW
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.