After converting your idea into an invention you have to think how to patent it. After it is time when you may consider selling your idea to a company for a lump sum amount or for a stake in future profits. You have two options, either you can avail of patent-related assistance from Patent Services USA or can do the task by yourself if you are confident enough.
So if you often ask yourself, “how to sell an invention”, well, in such case, this article is for you where we will tell you the nitty-gritty of selling a patent or how to sell your invention by protecting yourself both financially and legally. You have to do in-depth research before putting your invention up for sale.
Here are Some Ways to Contact a Big Company for Selling a Patent
1. Invest Some Time in Researching
If you want to extract the maximum benefit out of your invention, then you must take the task of researching and planning very seriously. Before contacting any company, you must do some homework, like finding out the true value of your patent. This can be done either by researching sales of similar products or by taking the help of an experienced patent assistance firm like Patent Services USA. Having a price range in your mind before contacting a company is a good idea. You must be clear in your mind concerning the amount you are willing to negotiate in terms of a direct buy-out one-time sale fee or leasing the patent, etc.
2. Contact an Attorney
If a question has stuck in your mind, “how to sell an invention” and don’t know anything about it is better to take professional help. Before contacting a company you must consider meeting a patent attorney. The attorney must be experienced and knowledgeable. Have a detailed discussion with the attorney regarding your patent portfolio or idea and ask whether the attorney has any connections with the company you are interested in. you can also ask your attorney whether he believes a non-disclosure agreement is necessary or not. A patent attorney can very well assess the value of ideas that haven’t been patented.
3. Non-Disclosure Agreement
Before approaching any company, you may consider drafting or obtaining a non-disclosure agreement. Considering a scenario where your idea is already patented, a non-disclosure agreement in such a case is unneeded as any attempt by the company to use your patent without your prior consent would be regarded as patent infringement.
You can join Patent Services USA to get a dedicated patent attorney who will do your job. If your patent is still in the stage of planning, you should make sure that all the parties to whom you pitch your idea sign a non-disclosure agreement in order to safeguard your idea.
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4. Setting Your Approach
Prepare a plan in writing regarding the things you will say to the representatives of the company when you reach them. You can explain to them how your product is different and better as compared to the product they are already manufacturing along with the pattern to implement strategies of designing. Do some homework to develop your sales pitch by practicing in front of different people and focusing on how your patent can fruitfully impact your targeted company.
5. Company’s Background
It is extremely important to know the in and out of the company in which you are pitching your idea for selling. This is because the hard work and money that you have invested in inventing your idea are at stake. Hence, proper care and diligence have to follow while handling this issue. Try to extract the details of the company as much as you can in which you want to pitch your patent idea. Go through the company’s documents like income statements and annual reports to see a much clearer picture.
This will give you an exact idea regarding the company’s net worth and the amount of money it invests in research, development, and patent procurement. Contact the company for finding out the person assigned for making decisions about buying new products and patent rights. The person could be a director, a purchasing professional, or a senior marketing executive.
6. Construct Your Pitch
Selling a patent to a company is as similar as selling any type of product or service. Invest your time and energy in preparing your pitch via a solid presentation. Your sales presentation should be able to outline the merits of your patent. Along with the earnings projections you have formulated in your own research. Try to integrate elements such as designs, sketches, and descriptions that you used during the process of the patent application, especially when you have been dealing with a patent that is highly complex.
From the very beginning of your presentation, you must be very clear in your mind that your task is to constructively demonstrate how your patent is financially sound & how it differs from your competitor to the company that will buy your patent ultimately.
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7. Schedule an Appointment for Selling a Patent
Start reaching out to various companies/organizations who are interested in your patent. You can initiate this process by sending emails and proposal letters to the company. Your letter must be brief and to the point. You can try contacting the designated person from the company who performs this job.
You have to fully prepared to address questions concerning the validity of your invention. Discussing finance in the first meeting is optional but instead, you can talk about numbers. Follow up your meeting with a written thanksgiving note, a repetition of the points you discussed. Last but not least your plans to follow up with further discussion and negotiations.
