And finally, instead of paying for my own patents, I negotiate my licensee for it. After all, it is in our mutual interest. If you follow this strategy, you won`t waste money filing a patent on an innovation that won`t lead to a commercially viable product. So few patented innovations ever do. If I find a licensee who likes my idea, the company basically has three options: they can fire them from me, they can try to work around me, or they can walk away. If you want to increase the number of potential buyers of the idea, you can file a patent application for the idea. Now, let`s be clear. You only need to file a patent application if the idea is an invention. By filing a patent application, you set a priority date. Ultimately, some companies will sign a non-disclosure agreement, but many won`t. So you limit the number of potential buyers of your idea if you don`t get a patent or patent status. However, it is possible.
If you don`t have money for a patent, your options are limited. You may only need to present your ideas to potential buyers who sign the non-disclosure agreement. You can sell the patent yourself directly. The advantage of selling the patent is that you have money quickly and you no longer have any liability in the event of a legal dispute. The downside is that the selling price is all you`re going to do with the deal. You can do research online to examine other companies in the industry of your invention. Once you`ve put together a list of companies you`d like to sell your idea to, take the time to thoroughly research each company. Some companies have a section on their websites to help you submit your idea. While many companies want new invention ideas, some will be resistant to inventors because they don`t have the resources or time to invest in new products. Even if you have patent application status, you can still ask the potential buyer to sign a non-disclosure agreement before sharing your idea with them. This way, you can have both 1) contractual rights under the non-disclosure agreement and 2) a priority date with the patent application. Can the inventor modify the innovation based on feedback from users and licensees? Is the patent “carved in stone” as described at the time of the inventor`s application? So, can you sell an idea to a company without a patent? Yes, you can sell an idea to a company without a patent.
However, the company must enter into a contract such as a non-disclosure agreement (NDA). Otherwise, they can steal your idea. Unfortunately, many companies will not enter into an NDA. Therefore, you may need to file at least one patent application to present your idea. Not quite, but the process of searching for a modified and reissued patent only allows for strictly limited modifications. Yes, a patent protects the intellectual property rights of the inventor in court. However, if your goal is to sell your product, a quick license may take precedence over determining the time frame for establishing a patent. This is especially the case if the companies reviewing your idea don`t require patented submissions. If you find a manufacturer interested in your invention, there are usually two options.
You can sell your invention idea, or you can sell the invention directly yourself for a large lump sum as compensation for your idea. Once you have weighed the cost and benefits of patenting versus non-patent marketing, you may find that the provisional patent application is usually the best choice. It combines legal protection with the means to determine the real market potential of your concept. Intellectual property is a complex area of law, but some inventors have worked with a licensee to find an ideal solution. Step 1: Gather information Yes, this is the information age – that is, the more information you have, the better off you will be. Licensing your idea is no exception. Before you even consider contacting potential companies to sell your idea, be sure to be clear about the following areas: Here`s Coca-Cola`s idea submission policy. You must make your submission without confidentiality. .