Monetize patents could be one of the most important tools for generating revenue and if used prudently it can transform your IP assets into a revenue-generating powerhouse. But we all agree that formulating and implementing a patent monetization strategy need 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 those clever ways that companies and organizations are implementing these days to better monetize their IP assets without spending a single penny on IP consultancy service.
Strategies to Monetize Patents
Taking the assistance of inventors- Inventors or creators are among those people who have invested their mind, energy and time in developing the patent. They are aware of the nitty-gritty of the invention and its commercial utility. In other words, we can say is that no one would understand the invention better than those who themselves created it. If the invention is sent back to the developer team for leads they may come up with results that are relevant and targeted.
Extracting the power of external crowd sourcing- Crowd sourcing is a specific sourcing model in which individuals or organizations use contributions from Internet users to obtain needed services or ideas. Crowd sourcing was coined in 2005 as a portmanteau of crowd and outsourcing. The same concept can be utilized in the domain of patenting wherein patent related services can be crowd sourced from users.
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.
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. Each time a deal is cracked the revenue amount is shared between the winner and the agency. 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.
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