I already have a Patent on My Product or Idea.
Your idea for a product is in the patent stage. However you haven’t been able to get it to the next level, and the phone hasn’t been ringing off the hook. What went wrong with your invention?
If you’ve wondered about some or all of these issues, then you’re probably ready for the next step.
By definition, when you patent a product idea, this means you have been given a grant by the government that confers upon the creator of an invention the sole right to make, use and sell that invention for a set period of time.
Most people who have a patent on a product idea have either gone to a patent attorney to have a patent application filed, or have filed one on their own with the United States Patent and Trademark Office. A common misconception is that once the person has a patent, their invention will automatically be on the market, earning money.
Can I get the Patent on My New Invention Noticed by a Corporation?
A patent-holding individual, who is pursuing a new invention idea on their own, must do at least one of the following to get the interest of a corporation:
- Invest a significant amount of money into manufacturing the product in the hope that it will sell.
- Sign over the patent to a corporation that, in turn, manufactures the product and pays the inventor royalties.
- Sell the rights to the patent for a set fee.
More often than not, these efforts are unsuccessful. This may be disappointing news for someone who has allocated resources toward putting a patent on their product idea that is now at a standstill.
If you want to have your patented product prepared and presented to corporations for possible licensing, we recommend you fill out the free information form and Davison will send you information on how to get started. Regardless of the path you have chosen to date, teaming up with an experienced partner is the next logical step.