This blog is the result of a meeting I recently had with a longtime patent client. When I meet with a patent client who is new to the entrepreneurial world, the discussion involves not only the nature of the invention itself, potential patentability issues, etc. but also matters related to invention monetization. Why? Because patent procurement is an arduous process; entrepreneurs seek patents not as some vanity project but to generate wealth and to have a monopoly to prevent others from practicing the patent for a prescribed period of years. As such, it is our practice to provide an invention monetization checklist/questionnaire to our clients wherein each questionnaire is geared towards the client’s inventive subject matter and initial monetization ideas/possibilities.
This is just what we did with the aforementioned client several years ago. He took the questionnaire more seriously than many of our clients because he was willing to take the time to delve deep. He even came up with some of his own food for thought questions. The questionnaire is intended as a guide to encourage our patent clients to think critically and strategically about their invention’s potential in the marketplace. Truthful answers may not always be encouraging answers, but they may well trigger beneficial pivots/new insights.
The client, whose invention has been patented, is a tradesman, just like many of the men in my family over the years including my father who was also a rancher (and the smartest man I have ever known). Today, he has evolved into a trades-businessman, working with manufacturers, coming up with unique arbitrary brand names, attending trade shows, talking with government officials, hiring and training qualified tradesmen and treating them well, and considering a second-generation version of his invention. He is a success story because: 1) of an invention that provides a tangible benefit for which his customers are willing to pay; and 2) because he proceeded strategically by, e.g., managing the required financing, working with suppliers, and assessing the various venues where the invention could find use. His entrepreneurial journey is a success story.
Entrepreneurial patent owners may make money from the patent by either selling the product or process directly to target customers. Other inventors hope to land a licensing deal where someone else will take charge of manufacturing and selling/licensing the inventive product/process in return for a royalty paid to the inventor. However, whether all patent attorneys will admit this or not, all patents will not make money for the entrepreneurial inventor, and inventors may also lose money in commercializing their inventions.
There are many reasons why a patented product/process may never make much or any money: no interest by potential invention users, too much competition, too costly to manufacture, supply chain issues, pricing perceived as too high, product has quality issues or process is difficult to control, the inventor can’t find an interested licensee, inconsistent marketing messages, product does not meet regulatory requirements, etc. And just plain bad luck.
This is why entrepreneurs planning to monetize an invention for which patent protection is being sought should go into the patent procurement process with eyes wide open from the get-go. As someone who developed proprietary medical device products (instrumentation and biochemical formulations) regulated by the FDA and industrialized enzyme processes for food production, I like to think I have some useful insight into the nexus between product/process development and IP rights procurement gained by working at multi-national corporations. The aforementioned questionnaire was developed with the foregoing in mind – to help entrepreneurs who are new to product/process development and commercialization start focusing on the relevant factors required for turning their invention into a money-making opportunity. To be proactive in addressing potential risks rather than waiting for an unanticipated risk to smack them in the face because they were totally unprepared.
Our questionnaire can serve as the framework for developing a strategic plan to achieve the inventor’s patent monetization goals perhaps even in several ways. For example, the aforementioned client saw the possibility early on of partnering with certain service providers to expand his reach while retaining control over the usage of his patent. Those partnerships are now intact. He also saw the risk of potential tariffs on pricing and has adjusted accordingly.
Call to Action
If you connected with this article and would like to discuss a possible patent for your invention, call us to make an appointment for an office or zoom consultation. In the meantime, be sure to check out www.miamiipattorney for information on patents, trademarks, copyrights, and trade secrets and check out various blogs which are 100% human generated. The blogs address legal matters related to IP rights procurement.
THANK YOU FOR YOUR INTEREST IN THIS CONTENT. AS USUAL THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT LEGAL ADVICE.
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Troy & Schwartz, LLC
Where Legal Meets Entrepreneurship™
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Susan Dierenfeldt-Troy
