Owning an intellectual property does not mean that it is already easy to make a dime. As a savvy investor, you must understand what really a patent does. Selling patents often ensures a quick pay off for your technology. Although it’s tempting to sell your patent and turn it into a profit, it is still necessary to know the value of what you are going to sell and if it’s really worth it. You must learn how to sell your patent and make sure that your invention or idea can gain maximum profit. So, when is the right time to sell your patent?
Sell If Not Related To Your Business
Try conducting a portfolio assessment and identify if you have any patents that are not essential or already redundant to your business. If you have a certain intellectual property that is not related to your business, yet may be valuable to others, then it is wise to sell your non-essential assets. Many firms are willing to pay to a big amount of money just for that certain technology. Make sure that you are professional with your marketing efforts, according to Legalzoom.
Sell If The Life Cycle of Technology is Already Waning
Patents have their own life span. As the life cycle of a technology is nearing the end of its relevancy, thus the value of a patent also starts dwindling in the last years of its life. So, selling before the patent gets to this point is a wise move. With any investment out there, you must understand and know the market really well with some help of experts like in Patexia. If you have an in-depth understanding of the market and have some foresight into the future look of technology, you will be able to conduct a patent assessment and identify a patent’s relevancy successfully.
Keep in mind that patent selling is effective once you already know that a piece of technology in the IP portfolio is already fading in relevancy. Yet, depending on where the intellectual property is in its life cycle, the patent monetization may somehow be better achieved when marketing the technology to the other investors who are always willing to bring their new product to their clients.
Sell if You Don’t Want A Costly Patent Litigation
After conducting some assessment, you may come to fully understand that you have patent infringers or some specific key technologies in the IP Portfolio. So in scenario like this, it’s either you pursue patent selling or enter patent litigation. When you feel that you do not have the tolerance for funds or risks associated with a prolonged patent litigation, then selling your patent is a viable option.
To make sure that your idea or invention is new, you must search all the earlier developments in the field of invention. Although you may be tempted to sell your patents easily, an effective patent selling will always start and end with a strong IP strategy and portfolio. It requires research and analysis to find your right buyer.