Can I get a patent on an idea and license it?
The dream of any inventor is to come up with an idea, get a patent on it, license it to someone, and then receive a check for the rest of their life. But the question is, is this dream possible? Can you have an idea, patent it, and then have the money roll in?
In this article, we will take a deep dive into idea and patent licensing and everything you need to know before you go ahead with the licensing process.
Let’s get started.
Patent licensing and selling an idea
“I’ve got an awesome concept for a product, but I have no interest in manufacturing the product – how can I sell the idea? “
This is one of the questions we get asked often and the common answer to this question is “You can’t.”
If just have a mere idea, there is a high chance that no one is going to pay you for the idea. Wondering why?
Well, the truth about ideas is, every inventor or entrepreneur at some point has what they believe to be an outstanding business idea or product concept. But simply having an idea isn’t enough.
What matters is the execution of the idea. People pay for the execution of an idea, not the idea itself. Your ideas are worth almost nothing until they are implemented - because without the implementation there is nothing to sell.
Are you sure you can’t develop the product?
Most people underestimate what they can do and what they are capable of.
Truth is, developing a product you already have an idea for isn’t hard. What is hard is selling the product. Sure, you’ll need to learn the ropes and go through some trial and error to get the product working, but it’s always worth the try.
So if you are looking to license your idea technology or patent, consider doing the following:
- Making the product and showing that it actually works.
Before jumping into selling the idea, start by developing a basic version of the product. A prototype or a demo.
This will help to prove to investors that the idea is can be turned into a product and the product actually works. Otherwise, you might have an idea that just doesn’t match reality and that doesn’t work. So try making a demo or prototype to show that the idea can be made into a product.
2. Prove that there is a real demand market for your product
Once you have a prototype you’ll then want to prove that there is a real market for your product. This will help investors see the potential of the idea and product you are selling to them. Show that there are consumers who are eager to pay for your product or invention. Show numbers, demographics, or anything that will help convince investors that the product will take off.
As we have seen, it’s very hard to sell a mere idea. So if you want to be paid for your ideas or inventions you’ll need to have something that’s more than an idea. Preferably, you need to show that your idea can be turned into a product and the market for the product actually exists. And the best way to do this is to make a prototype and research the market potential for your product. This will set you up to either license it, get royalties for your idea, or sell off the business.
Hopefully, that helps!
Reach out to us at Miller IP Law if you have any questions about this topic or any other topic. We will be happy to strategize and talk about it. Otherwise good luck with your business!
