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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 7

This is the seventh post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” If you read my previous posts, you will know how to avoid getting a worthless patent, and how to make money by practicing or licensing your invention. Now it’s time to talk about the reason that I believe most businesses actually obtain patents. Patents are only issued when the government of a country finds that an innovation is novel and non-obvious across throughout history and the world. Therefore, many people consider patents to be prestigious indicators that a person or business is innovative. Patents also confer the right of the patent owner to sue others to exclude them from practicing the claimed invention, so many believe that the patent grants the patent owner a powerful monopoly over the invention. These beliefs make it much more desirable to invest in businesses that patent inventions over those that do not. Increasing Investor Confidence By Filing Patent Applications The analysis from my fifth post regarding whether it will be profitable to patent an invention is a part of the picture. The bigger picture is that most innovative…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 6

This is the sixth post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” If you read my previous posts, you will know how to avoid getting a worthless patent, and how to make money by practicing your invention. Now it’s time to discuss how to make money from your patent when you do not plan to practice your invention. Before filing a patent application, you should consider whether you are able or willing to directly market your invention to the public or businesses. For example, if you invent an improved component for a laptop, it is doubtful that you would found a laptop manufacturing company just to incorporate your improved component. One way to make money from your idea would be to license or sell your idea to a laptop manufacturing company. A second way to make money from your idea would be to found a company that manufactures the component with the idea of selling the company to the laptop company. This post will discuss the first way of making money from your idea. My next post will discuss making money by founding your own company.…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 5

This is the fifth post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” If you read the second post, you will know a few basics about patents that every inventor and business person should know. If you read the third and fourth posts, you understand a few of the factors that make most patents worthless. Now it’s time to discuss how a patent can add value to your business by protecting a competitive advantage in the marketplace. The first step in this discussion is to make sure that your innovation will actually give you a competitive advantage in the marketplace. I do not have any business degree and I am not a patent valuation expert. So I will leave it to you to judge the reasoning and wisdom of my analysis here and whether it applies to your situation. A Patent Basis For Discussion A few things must be understood about patents before any meaningful discussion can take place. U.S. Patents do not make you money; they merely allow you to sue someone for making, selling, or using a claimed product or service in the U.S. You…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 4

This is the forth post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” If you read my second post, you will know a few basics about patents that everyone should know. In my third post, I discussed a few of the preventable, organizational reasons that over 97% of patents are worthless. Now it’s time to discuss the less preventable reasons that over 97% of patents are worthless, even though about 80% of patents are filed by large, sophisticated businesses. Prospecting For Patent Gold Legend has it that a well-known chain of bookstores hired consultants to tell them how to maximize their profits. The consultants carefully analyzed all the sales and expenses of the bookstores and noticed a pattern. The bookstores were spending about 80% of their money and shelf space on books that were not selling. However, they made over 80% of their sales from the less than 20% of books that outsold all the rest, the “best sellers.” The advice of the consultants was that the bookstore should reduce their overhead by only stocking the bestsellers. The bookstores were stunned to say the least. How were…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 3

Reasons Why Most Patents Are Worthless This is the third post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” If you read my first post If you read my here, you will know that I suggest thinking about a patent as an investment. If you read my second post, you will know the seven basics that everyone should know about patents. Now it’s time to discuss why over 97% patents are worthless, and how you can avoid wasting your money on a worthless patent. Epic Fail Legend has it that a photocopier company had just come out with a new photocopier that was much better than any photocopier on the market. It would also be priced about the same as their old copier. They expected it to be an instant bestseller. This created a problem. The company had a large inventory of the old copier, which represented a substantial financial investment. However, the new copier was so much better than the old copier that management didn’t know how they were going to sell off their inventory of the old copier. Management’s solution was simple: they offered their…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 2

This is the second post in my series entitled “How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea.” Please click here to read the first post, and learn from Thomas Edison’s mistake. The Biggest Problem In Patent Law The biggest problem in patent law is not bad laws, bad court decisions, or bad science. The biggest problem in patent law is a failure to think. The critical question is: will this patent add value? If you can’t figure out how you are going to make money with a patent, then you probably won’t. To understand how to make money with a patent, you need to understand a few basics about patents. Seven Things That Everyone Should Know About Patents! You Or One Of Your Employees Must Have Invented Something To Apply For A Patent — You cannot patent the invention of another. You Must Pay To Obtain A Patent — The government does not notice your invention and award a patent to the inventor. Instead, an inventor or assignee (owner) must pay to draft and file a patent application. Further, the owner of the patent application may have to pay even more…

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Make Money with a Patent

How To Make Money With A Patent: My Guide For Determining If You Should Patent Your Idea, Part 1

Save Time and Money By Learning From Thomas Edison’s Mistake! Thomas Edison is considered to be one of the greatest inventors of all time. He obtained over 1,000 U.S. Patents. However, he made a crucial mistake early in his career that nearly cost him everything! In 1868, Edison was just starting his career. He and his family were nearly broke. Thomas got a job at the Western Union Company. In his spare time, he invented and patented an electronic voting recorder that could quickly count the votes of a legislature. However, when he tried to sell his idea to the Massachusetts legislature, they were not interested. The legislators told him that they didn’t want to have their votes counted quickly because they wanted more time to change the minds of their fellow legislators. Thomas was stuck with a great invention that no one wanted to buy. But Thomas learned from his mistake. Thomas’s next great invention was for an improved stock ticker. These were devices that could read telegraph messages regarding stock prices and print them out as paper statements. Thomas had figured out a way to synchronize several stock ticker translations so that the potential customer could simultaneously receive…

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How To Find A Patent Attorney Part 1

How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search, Part 9

This is the last post in my series “How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search.” Thank you for taking the time to read my suggestions for how to find a good patent attorney. I hope you found these suggestions helpful. If you are an entrepreneur, founder of a start-up, or an in-house general practice attorney at a small business, here is a quick summary. Executive Summary Finding A Good Patent Attorney For Who You Are Search look for a patent attorney at a law firm of 20 or fewer attorneys. Finding An Experienced Patent Attorney For What You Need If you want to get a patent, search for “patent attorneys” and “patent agents,” especially ones with “patent preparation” and “prosecution experience.” If you want to avoid getting sued, search for patent attorneys with “patent opinion” experience. Finding The Best Patent Attorney For You Search for patent attorneys with advanced technical degrees that match your technical area, have at least two years of experience providing the service you are looking for, and, optionally, are located in favorable geographical areas. How to Search for a Patent Attorney Use the information gathered to solicit specific…

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How To Find A Patent Attorney Part 1

How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search, Part 8

How To Get The Most Out Of A Free Consultation This is the eighth post in my series “How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search,” and will cover “How To Get The Most Out Of A Free Consultation.” If you have read my previous posts, then you know have a list of patent attorneys and an idea of patent attorney costs and expectations. Now, it’s time to for the free consultation. Step 1: Scheduling The Free Initial Consultation (a.k.a. A Preliminary Conflicts Check) The first step in interviewing a patent attorney is to schedule the consultation. I suggest that you start by sending the patent attorney an email that contains the following information. Remember, patent attorneys are terrified of losing money due to conflicts (especially at larger firms) so you may need to assure them that there is little or no danger or a conflict before they will agree to speak to you. Subject Line: I was referred to you by [[name]]. I am interested in your patent services. (This gets your email opened) Your Referral Source (A referral gives you credibility) Your Name (Needed for the conflicts check) The Name of…

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How To Find A Patent Attorney Part 1

How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search, Part 7

How Much Does A Patent Attorney Cost? What Should I Expect? This is the sixth post in my series entitled “How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search.” If you read the previous posts, you should have made a list of potential patent attorneys that you are interested in hiring. Now it’s time to make sure that they are who they say they are. This is the seventh post my series entitled “How To Find A Patent Attorney: My Guide for Performing Your Own Patent Attorney Search.” If you read the previous posts, you should have performed a patent attorney search and verified the credentials of the patent attorneys on your list. Now it’s time to discuss the patent attorney costs and expectations that you should have of the patent attorney and they should have of you. What You Should Expect From Your Patent Attorney: Professionalism — Patent attorneys and patent agents should never be rude or condescending to you or your staff. Responsiveness — You should expect responses to emails and voice mail by the close of the next business day unless you receive an out of office message. Patent attorney who…

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