Why You Need to License Your Patents

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Why You Need to License Your Patents
A patent on an invention by itself does not hold
a lot of value. It becomes merely a certificate
on the wall gathering dust. There are a number
of ways you can make money off an invention, just
with a patent, even if you do not want to go
into commercial production or sale of the
invention itself. If the marketing strategies you
have put in place for the invention show a
significant demand of the product, you can
simply sell the patent itself for a considerable
amount of money to a company willing to
mass-produce it. Even though selling the patent
will offer quick returns, in the long run, it is
much more profitable to license the patent and
then sell that license to however many
organizations want to buy and utilize your
invention for their own purposes. If you find
yourself wondering how much can you make
licensing a patent, let us give you a little bit
of an insight. Licensing a patent is the most
typical approach that people can take to earn
cash on an invention. By licensing their patent,
the proprietor can license the invention to
another interested party that wants to use the
invention. Once the license has been paid for,
the interested party can legally make use of the
invention for commercial purposes. The proprietor
of the patent receives a sum of royalty for the
commercial use of the invention, which is about
3 to 5 percent of the profit made. The proprietor
of the patent can also earn money from an
organization that infringes upon the license and
attempts to copy the invention, knowingly or
unknowingly. The owner of the license can turn
them into their own licensees by allowing them to
continue the use of the invention, but only if
they agree to pay the royalty.
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PatentPC If you are looking for an IP law firm
that can help you safeguard your innovations, the
only firm you need to consider is PatentPC. They
are a company dedicated to helping its clients
protect their intellectual property, and they
invest a lot of time and resources in the effort
of developing and implementing systems that can
improve a clients experience on the market.
PatentPC has office in a number of locations
like Silicon Valley, Vietnam, and Kenya, and
through this global spread, they are able to
serve both large companies and startups in
various parts of the world.