Monetize patents could be one of the most important tools for generating revenue. And, it can transform your IP assets into a revenue-generating powerhouse if used wisely.
However, formulating and implementing a patent monetization strategy needs a huge investment of time, resources, and energy.
But what if you find some clever ways to monetize patents without spending even a single penny?
With this article, we will be describing some of the ways that companies and organizations are using these days to better monetize their IP assets without spending a single penny on IP consultancy service.
Strategies to Monetize Patents
Following are some strategies which you should follow to monetize patents:
1. Taking the assistance of inventors
Inventors and/or creators are among those people who have invested their mind, energy and time in developing the patent. They are aware of the details of the invention and its commercial utility.
In other words, no one can understand the invention better than its inventor. The developer team may come up with results that are relevant and targeted if the invention is sent back to them for leads.
2. Extracting the power of external crowd sourcing
Crowd sourcing is a specific sourcing model in which individuals or organizations use contributions from Internet users. This is done to obtain needed services or ideas.
Crowd sourcing was coined in 2005 as a portmanteau of crowd and outsourcing. The same concept can also be utilized in the domain of patenting wherein patent related services can be crowd sourced from users.
3. Utilizing the power of patent auction sites
Harnessing the power of patent auction sites is another patent monetization strategy that we can use while monetizing patents. Designed with a process that eases both buying and sale of patents, all an inventor needs to do is list its patents and wait for a potential buyer to make an offer.
4. Harnessing the power of contexts
Many agencies like the European Space Agency and NASA conducts contexts wherein employees and other people are asked to provide some clue about how to monetize patents. The revenue amount is shared between the winner and the agency each time a deal is cracked . Such strategy may work when a company doesn’t have many resources and wish to use the power of human brains to solve a problem.
Why Choose Us?
Only a quality invention wins the patent grant. Therefore, before patenting something an inventor should assure himself that what he/she is seeking patent protection for is really worth it. Also, conducting a thorough patentability search surely helps. Taking care of these factors might become a cumbersome task. Therefore, it is always beneficial to seek the help of professionals with good experience. We, at The Patent Search Firm, help our clients with assured patent search services.