A patent is a business asset, just like machinery or great processes – therefore it can be sold. A patent is simply a legal document granted by the USPTO that grants ownership of an invention for a period of 20 years (in most cases). However, in order to actually profit from a brilliant idea in which you’ve patented you must either sell the patent, license the usage rights, or market/create the product yourself. With a creative idea and strong patent, that list definitely goes from easiest to most difficult.
If you have full rights to patent and have made the decision to sell, there are a few ways to make this happen. Unfortunately, there is not some online exchange for this. However, you can still find the right person or company to sell your invention to. I recommend making direct contact with businesses that are in the same market and may be interested in your product. Additionally, you can attend trade shows to further network.
Sometimes it does take some money on the part of the patent holder in order to sell a patent. You may have some success buying ad space in industry magazines or trade publications to reach additional potential buyers. If all of these steps still don’t offer any leads, it may be necessary to use a broker to sell the patent. They will take a percentage of the total sale for their efforts.
This can be a complicated process. The blog on my company’s website offers tons of advice for anyone seeking or owning patents. Plus, if you’d like assistance being matched with a skilled patent attorney, feel free to reach out to my company LawTrades.
Hope this helps!