|Want to Commercialize your Patent Idea 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.
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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.