i have already purchased a patent and i have not made any money, how can i profit off of my inventions?

Answer 1

While it is possible to 'purchase' a patent (that is buy the patent from someone else who invented it), You probably mean you have been 'granted' a patent.

In any case, you are now the proud owner of a patent and you are wondering how to 'monetize' the patent. There are several possibilities, each with their own costs and risks.

If the patent is not currently being used you can pursue any of the following ideas:

1) Market the idea:
You could find other companies selling similar products and approach them to license your patent and manufacture the product. If they are actually copying the item claimed in the patent, you should see the next section.
2) Make the product
You could look for joint ventures or seed money to start your own business making the product.
3) Sell the patent
You could sell the patent to a entity that will make the product or license the patent. Be careful as many who offer these services are not reputable and will simply try to take your invention for very little compensation. Conversely, do not expect to get rich this way, since whoever you sell it to will be taking all the future risk and you are simply an expense to their investment. You can search on 'patent broker' for some ideas on places to approach.

If your patent is currently being used by someone, you could actually be entitled to royalties from entering into a license agreement. IF you think this is the case, find a good attorney to help you with the approach and pricing of the agreement.

As a total last resort you could enforce your patent with legal action, but the only ones who usually get wealthy off of this approach is the attorneys.

Answer 2

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* From Patent To Profit: Secrets & Strategies For The Successful Inventor, Third Edition by Bob Dematteis
* How to License Your Million Dollar Idea: Everything You Need To Know To Turn a Simple Idea into a Million Dollar Payday, 2nd Edition by Harvey Reese
* The Inventor's Bible: How to Market and License Your Brilliant Ideas by Ronald Louis Docie
* The Complete Idiot's Guide ® to Cashing in On Your Inventions by Richard Levy

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

well you cant just "purchase" a patent, but aside from that, it would greatly depend on what your invention / product is. Not enough information to answer

Answer 4

it is actual an determination to think about. the significant threat is that someone may declare to have invented what you've invented before you probably did, and in the journey that they filed for a patent and also you probably did not, they could win adverse to you in court, even in spite of the indisputable fact that you're the authentic inventor.

Answer 5

Hey Genius!!!

You have to sell something!
Either find a buyer for your patent, or find a way to bring your item to market.
There are companies that will make and distribute your "thing", but they are usually a ripoff.

Answer 6

The dude who invented the wheel never made a cent. What makes you think you deserve more?

Answer 7

have you tried an invention submission company