How to sell your patent pending ideas in India?

 

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If you are in process of patenting your idea by filing a patent application or have already filed a patent application, you can now monetize your invention by manufacturing/producing, marketing and selling. Many a times it is difficult to perform all functions single handedly and one may require outsourcing.

However, many inventors wonder if they can sell or outsource their idea even before grant of patent in India.

Good News is “Big yes”

You need not wait until the stage of grant of patent in india to sell your idea.

Indeed,  one can sell/outsource a product and/or process disclosed in patent application, once patent application receipt along with patent pending number is received from Indian patent office.

 

image source:- google images

 

Procedure to sell a Patent pending/application Idea

Once you received acknowledgement receipt along with Patent pending number, it means your invention is officially registered at Indian patent and trademark office.

With patent pending status your invention is protected against infringement and unauthorized copying.

Do your First Hand Market Research :-

First and foremost you need to understand market for your invention /idea. Sometimes it can be little tricky to judge the market potential of your invention. So if your product is completely new then you can compare it with other product  with similar application and try to find out real worth of your idea.

If your product is improved version of existing product then you easily access value by  estimating competitor product revenue.

You can conduct the market research study all by yourself  or you can hire market research firm.

Calculate value of your Product :-

You need estimate how much revenue product can generate in first year after product hit the market. This calculation provided you fair value of your invention.

Create Prototype or animated 3D model :-

We at Patentone generally suggest our client to go for real working prototype if they can afford to do so .

Otherwise, we suggest them to make computer animated 3D virtual working  model to show feature and usability of the product  to your perspective buyer of your invention.

Contact  perspective companies :-

You need to list down companies who are specializing in selling or and manufacturing identical product like yours. Also you can send them your marketing presentation and try to guess their interest level in your invention.

Negotiate with interested Party:-

Once perspective party agrees to buy or commercialize your idea, you  need to well define commercial terms and conditions with interested party.

You can either go for licensing agreement (preferably non exclusive licensing agreement ) or else  you can go for assignment of invention to interested party, wherein you can define monetary  terms in form of one time royalty fee or profit percentage of product sell or in some cases both.

We strongly recommend to get in touch with specialize patent agent or patent attorney to make right legal agreement document.

That’s all you need to sell you idea and make money for your invention.

 

 

 

 

 

 

 

3 thoughts on “How to sell your patent pending ideas in India?

  1. ASHISH KUMAR DEB says:

    Dear All , I am a Indian inventor who has game changing inventions in clean energy , energy efficiency and desalination . This year I applied for two patents after doing technology forecasting . All my works are original . Till recently i was a Director in a registered Start Up but two of our Directors committed breach of contract and the association ended. My inventions are a result of 25 years of hard work.
    Right now I am on the lookout for sale of two pending patents based of two highly efficient hydroturbines meant to genertae power from canals , rivers, tidal currents etc … almost any water current.
    It would be great if you can help me get a buyers for these knowhows. I am the lone inventor.
    Apart from these two I have worked in the following
    Wave convertor without hydraulic or pneumatic circuits.
    Solar tracker azimuthal based on novel technology where grip and torque would be guaranteed. Fully automated cleaning system to be provided with wiper based cleaning.
    Fully automated cleaning system … purely mechanical , no program, no wiring, no solenoid valve for mega solar plants.
    Energy efficient decanters,
    Stabilizers for sea going vessels.
    Please help me get some party who may be interested in my works. I can give some share of the money I receive , that we can work out or you can inform me.what is your expectation. I can pay you out of the money i receive as you know inventors run out of money as no one gives support for new ideas.
    Regards
    Ashish
    … India code 9540954214
    gayatrirenewables@gmail.com

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