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If you're working on a patent for an innovation, you might be thinking about selling it. Many innovators, on the other hand, worry if they may market their inventions before they get a full patent. You don't have to wait until you have a full patent to sell your idea, thankfully. In fact, after your patent has been granted "patent pending" status, you can sell it.
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CAN YOU SELL PATENT-PENDING IDEAS? | Brealant If you're working on a patent for an innovation, you might be thinking about selling it. Many innovators, on the other hand, worry if they may market their inventions before they get a full patent. You don't have to wait until you have a full patent to sell your idea, thankfully. In fact, after your patent has been granted "patent pending" status, you can sell it. What Is the Best Way to Sell a Patent Pending Idea? The "patent pending" status indicates that your patent has been legally registered with the US Patent and Trademark Office (USPTO). The invention is protected against infringement if it has a patent-pending status. know How to file a patent? As a result, you'll be able to sell your concept. The stages to selling your patent-pending invention are as follows: ■ Do Your Market Research: You'll want to know how much your concept is worth in the market, so you'll look at similar items and services. You have the option of doing it yourself or hiring a marketing business to do it for you. ■ Calculate Your Product's Value: This can be a bit tough to figure out, but you simply want to figure out how much money your product can produce in the first year after it's released. This will provide you with an estimate of the value of your invention. ■ Create A Prototype or Sell Sheet: You can create a prototype to demonstrate to potential buyers whether you can afford it. However, creating a sell sheet, which is a one- page document that summarises the idea, is a more cost-effective option. ■ Contact Companies: You should make contact with companies that sell similar products to yours. You can send them a letter of introduction as well as a sell sheet or a prototype. You can also contact various businesses to gauge their interest in your product. ■ Negotiate A Contract: If a corporation is interested in purchasing your patent-pending invention, you'll need to work out a contract that spells out the terms of the transaction. It is strongly advised that you appoint a third-party intermediary to negotiate any deal on your behalf in order to protect your interests. ■ Amend Your Patent: Contact the USPTO to have your patent modified to reflect the patent buyer and the contract details. You don't have to wait until you have a full patent to start marketing your idea, fortunately. The USPTO protects an invention that has been granted patent pending status, so you can market
your concept without fear. Simply follow these six steps when it's time to sell, and you'll be able to start profiting from your innovation in no time. Read INVENTION REGISTRATION EVERYTHING NEED TO KNOW