When a perception is discovered, plenty of dreams and about building innovative products and successful businesses are also born in conjunction with. As an inventor, you would imagine you achieved something big, plus your idea may help solve many day to day life problems. But, imagine if you discover that this idea is patented? It seems like you are hit by way of a brick wall, and all sorts of your money and efforts will end up in vain. What to do now? But, no problem! You still have many IP monetization options which I have aimed to cover in the following paragraphs.
First, do the maximum amount of research with your idea as possible, identify each of the patents related to it, and appearance how many are active now. This is because the majority of the inventors and big corporations only give attention to getting patents, try not to know the right commercialization strategy. Some of them try, but fail. As a result, they wind up abandoning their patents. There is often a good illustration showing this below:
Catherine Hettinger invented a compact toy on her daughter 2 full decades ago, and got a new patent for doing this. She took her idea to many people toy manufacturers, but couldn’t get a commercialization partner. As a result, she abandoned her patent. Later, the concept was picked by many Chinese companies, which developed its modern versions, and earned a great deal of money. The name of the method is “Fidget Spinner”, which gain in popularity among children and in some cases adults in 2017. You might have heard of it.
What should your idea has active patents? You still need not worry. Check the IP protection area, there can be two scenarios:
1. Idea has active patents in a very foreign country/region
A patent is usually a territorial right applicable from the country/region in which it is granted. If you find patents on the idea within a foreign country/region only, you’re free to use their technologies, build commercialization strategy, manufacture, market and distribute products within your country/region. But, if your patent holders expand the safety areas on your region, you will need to obtain license with the patent family you might be using.
2. Idea has active patents with your country/region
If you discovered active patents on your idea exist within your country/region, don’t purge your hands! You still have chances to apply your idea. May be your idea has some advanced features, that happen to be absent inside the patented ones. May be the patents will not be brought from the market you need to target or inventors tried, but failed. Thus, you’ll be able to turn those unused patents into successful products employing an exclusive IP strategy.
Do an all-inclusive study on every one of the elements of your idea, and different segments and market verticals on the claims from the patents. If you get some unique elements, do researching the market, develop them further, and file the IP application.
What should the patents are successful, and inventors can market products. That still doesn’t hold you back. Do a deep study for the products and technologies in it, to see what extra features you may add. Prepare models from the modified versions on the products, build meetings while using inventors, and you’ll be able to have the opportunity being part of successful businesses.