How to Make Money From Your Invention (Chapter 1) – Introduction

How to Make Money From Your Invention (Chapter 1) - Introduction

Special ReportEureka! You’ve discovered something that you believe is valuable. It could be a new idea, a gadget, device, process, design or a composition. Whatever it is, you are about to embark on a process to bring the concept to fruition if you want to realize its value. The process is called “innovation.” Simply stated, innovation is the process of taking a new idea to commercialization. Invention is the first step along the innovation path.

Patents provide protection for novel, non-obvious creations of individuals. But, patents do not necessarily translate to commercial success and they do not give an inventor the freedom to practice an invention. In fact, it has been estimated that only 5% of the issued patents are in commercial use. This clearly indicates that the road from invention to commercial product is a difficult one.

Thomas EdisonWho are the inventors of today? Just look at the issued patents and you will only find individuals as the inventors. Companies or organizations do not invent. These creative individuals are often working for companies, both large and small or are working independently. Organizations may become owners or assignees of the patent rights but, it is the individual that makes the discovery.

Larger companies, with substantial resources, will usually pursue commercialization of their inventions internally. The independent and small business organizations, generally, with more limited resources, have some choices to make to realize the commercialization of their inventions. Licensing an invention is one of several possible approaches. Often, it is the only way for independent inventors to realize their goals.

ProfessionalsThis mini-course is directed towards the independent inventor and the small businesses that have made discoveries. It will try to help them in their efforts to exploit their inventions. We will try to provide the options available at the critical points in the innovation process. The main thrust will be to explain the licensing process and how to determine the value of their inventions.

Licensing is a complex process. The information that will be provided in this report is meant as a guide and not a how-to lesson. We urge those readers who are seriously considering licensing their technology to get help from legal and licensing professionals who are involved in this activity on a regular basis.

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This information is presented for the general education of independent inventors by the Invention Patenting Group. The Invention Patenting Group makes no warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed herein, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process or service by trade name, trademark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the Invention Patenting Group.

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