How To Go About Patent Monetization Process
Companies sometimes may opt to look for extra financial resources in an internal manner. Patent monetization is one method they can utilize to bring in revenues using their very own patents. This form of monetization can be done in various ways. Just like any other business step, proper planning should be done to avoid negative effects in the end then.
The first thing that companies should do to make the process right is to identify their goals. Of course, this is very basic to any planning process. You need to know what things you intend to get in the end to find a direction. Possible goals may include R and D investment recovery, revenue generation, and reputation establishment in the industry.
You need to discuss this with the relevant leaders in your organization. Make sure that they contribute to the overall process to make things right. After identifying your goals, you need to collate information on the patents you have available. There are some things you need to ask about when selecting a patent to sell or offer.
It is quite necessary to determine the value of the patents. The more value they have, the more revenues you will be getting too. You might want to collate information on researches indicating infringers for certain patents that you have. Infringers make good candidates for buyers later on. Of course, for the revenue to be high, the claims of the patents should also be high.
After figuring out what to sell, you will have to devise methods on how you can effectively offer and sell your patents. There are certain things you need to consider on this too. Make sure you choose methods that are best suited for the specific patents to be sold. Make sure your financial goals are well identified along with your objectives.
Litigation is a very common way of selling patents. This involves enforcing your patents to competitors in the industry who you consider infringers. There is also what we call direct or indirect licensing. These simply mean directly controlling the selling campaign and delegating the task to another party, respectively.
Other methods also include commercialization and sale. Commercialization is all about developing a product itself from your very own patent. You can sell this product to the public and eventually earn from it. Sales involves the outright offering of the patents to be sold to potential buyers.
Of course, you would also have to decide on where you will be selling your patents. Consider the needs of the possible buyers on your list. Find out if your patents will be centrally relevant to the processes of the buyers, for instance. You also have to consider the costs you will be incurring for the entire process to make sure no single cent is wasted.
Patent monetization can be pretty tough to handle sometimes. No wonder why certain organizations just opt to get the services of third party planners and sellers. This way, they can get rid of the hassle of the entire process. But then again, since not all companies are the same, you need to be sure about their experience backgrounds, credibility and efficiency.