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If you’ve invented a new product, it’s likely that there are millions of other entrepreneurs who want to do the same thing. In fact, according to the Association for Manufacturing Excellence, there are more than 1 million patent applications filed each year—and that number is growing every year. With so many companies competing for market share in an increasingly crowded space, it becomes even more important to identify ways to differentiate yourself from competitors and position your business for long-term success. One way to do this: look into obtaining patents on your intellectual property (IP) and using them as part of a patent licensing strategy or agreement with other businesses or organizations who want access to those rights without having to develop their own products independently from scratch!
Patent licensing is a complex process, and it’s not the same as patenting. Patent licensing is an agreement between two parties that grants rights to use another party’s patent(s). Patent licensing can be used for different purposes, such as exploiting a competitor’s technology (also known as “royalty stacking”) or establishing an exclusive relationship with other parties. The biggest benefit of seeking out a patent license agreement involves gaining access to technology that you don’t have yourself—something that could help propel your company forward in its market space.
The patent licensing process itself will start by working with an expert patent attorney who specializes in intellectual property law—a type of lawyer who deals exclusively with filing of patents, copyrights and trademarks. A good starting point for this kind of legal advice would be talking with someone at your local law school; they often have attorneys on staff who specialize in this area and can offer valuable insight into how best to proceed when pursuing patent licensing agreements.
1. Deciding if patent licensing strategy is right for you
You may want to consider patent licensing if your business is looking for a cost-effective way to get its product to market. If that’s the case, don’t worry! Patent licensing can be a good option for many companies. In order to decide whether or not patent licensing is right for you, it’s important to understand what it entails and why some companies choose this method over others.
2. Financing the patenting process
Patent licensing is expensive. It can be expensive to patent and it can be extremely expensive if your patent is infringed on or if you have to enforce your patents. To provide an overview of the cost of patenting, it can be said that patent filing fees vary, but you can expect to pay somewhere between $1,000 and $10,000 for each application. Once your application has been filed, there will likely be more fees associated with the prosecution of that application (i.e., responding to Office Actions from the patent office), including attorney fees and foreign filing fees (if applicable). All told, a typical patent costs $7-10k after initial filing.
If you want to license out your IP portfolio in order to generate income off those assets, then this process should be considered as well—and it’s almost always more costly than simply selling them outright! Even though there are plenty of companies willing to pay top dollar for top-quality intellectual property (IP), they’ll also expect some sort of proof that those assets are worth their price tags—and usually require at least one round of due diligence before any deal gets done. This means hiring an engineering firm or other third party resources who specialize in analyzing patents: They’ll determine whether these particular IP assets (for example software related patents) are indeed valuable enough for us under current market conditions…and if so–how much they might fetch us today versus waiting until tomorrow when things might change again.”
Once you have a business idea, it’s time to move on to the next step: patenting your business idea. To obtain a patent, you must first conduct a patentability search and find out whether your idea has been patented before or if someone else is using similar technology. Once you’ve found out that your invention isn’t already patented, then it’s time for the patent application process itself. If all goes well with this stage of the process, then you’ll be one step closer to having your own intellectual property!
Obtaining a patent involves several steps: drafting and filing a patent application (which can take several months), researching whether any prior art exists (this can take months as well), responding to each piece of prior art (if there is any), conducting an international search under certain circumstances, paying fees associated with filing and prosecuting patents (these fees vary based on which country owns jurisdiction over the claimed invention), maintaining records related to those patents (these fees vary based on which country owns jurisdiction over those records). Subsequently, these steps can be aligned to match with the Indian patent law that can provide a strong strategy for filing patent in India followed by patent licensing in India.
There are a number of ways you can identify potential licensees. You can search for relevant patents, likesoftware patents for digital inventions, or you could speak with people who have experience in the field—such as patent attorneys and inventors who have already been through the process after global patent filings. The best way to find out about the market for your invention is by doing some research into similar products that exist on the market, looking for companies that may be interested in licensing your patent (or even buying it outright), and considering whether your product would make sense from an economic standpoint.
If you have identified a company that might potentially be interested in licensing your patent or purchasing it entirely, reaching out to them is one of the next steps to take. This can be done via email or phone call; however, depending on how well known this company is within its industry (and how strong their corporate culture tends toward innovation), sending physical correspondence could help strengthen any relationship between yourself and them over time—but this isn’t always necessary either!
The final step in your patent licensing strategy is to determine your manufacturing partners. While it may seem straightforward at first, this can turn out to be one of the most difficult steps because you need to choose a partner that meets all of your criteria, including, selecting a manufacturing partner who can help you scale up production if orders increase unexpectedly, and, selecting a manufacturing partner who can meet your quality standards for both raw materials and finished goods. If their products fail too often, customers won’t buy them and will lose faith in their brand name as reliable or trustworthy enough for daily use. Also, it is wise to choose a manufacturing partner who can deliver on time—or better yet, ahead of schedule!
The next step includes selecting the best type of patent license agreement for your business. If you’re new to patent licensing, it can be hard to know which type of patent license agreement is right for your business. Here are some factors to consider, Exclusive vs. non-exclusive patent license agreements – This refers to whether or not the licensee has an exclusive right with respect to using the licensed patent rights in their own business activities. An exclusive license (also called “sole” or “dominant”) grants a single party all rights except those reserved by the licensor; a non-exclusive patent license (also called “non-dominant”) allows more than one person or entity to use the licensed patents at any given time. For example, when you file for a trademark registration with USPTO, you apply for both an “exclusive right” and a “cooperative right” over that mark; this means that only you may use that particular mark anywhere within its geographic area of coverage (with some exceptions), while other companies may use similar marks outside their territory without infringing upon yours (if they don’t enter into direct competition with each other). However, if someone else wants access – say another company wants access because they have customers who overlap with yours – then they can negotiate terms based on geographic scope and industry exclusivity as long as these terms are spelled out clearly within contracts between parties involved..
Knowing what to expect from the patent licensing process can help you make sure that it works best for your business needs. If you’re an independent inventor, a patent licensing strategy can be a good way to get your business off the ground. It allows you to sell licenses for your product without having to pay for the costs of research, development and manufacturing. However, there are risks involved with patent licensing. You won’t be able to use the money from selling licenses as revenue until after the initial license fee is paid; there’s also no guarantee that someone will actually want to buy a license from you (so it’s important that you create value in other ways). Patent licensing can be an excellent way to capitalize on your business ideas and bring them to market. By working with a patent attorney who has experience in this field, you can ensure that your patenting process goes smoothly and that you get the most out of it.
The purpose of patent licencing is to gain money by selling the idea or technology of others. The licencing procedure is a crucial stage in the establishment of a successful business, but it can be confusing. First, you must convince the potential licensee to licence your patent. In addition to ensuring that they have not violated your patent, you must persuade them that their use of your concept would benefit them. After identifying the licensor, you must identify the licence type. Choose between an exclusive and non-exclusive licence. The licensee is permitted to create and sell the innovation under a non-exclusive licence, but the licensor retains ownership and rights to the product. The sort of licence should be agreed upon by both parties. The field of use is a critical feature of patent licencing. This is a crucial aspect of the licencing procedure. Depending on the nature of the invention, the licensor may grant the licensee permission to use the technology in a number of different fields. For instance, the licensee may only be permitted to use the technology in lawnmowers, while the licensor retains the right to utilise the technology in other goods. The patent licence agreement will outline the terms, royalty payments, and other facets of the licencing arrangement. This document should be written by an attorney. An experienced IP attorney can assist you understand the patent licencing agreement and negotiate its terms. Additionally, he can advise you through the procedure and endeavour to meet the commercial objectives of both parties.
In addition to the crucial points stated here relating to patent licencing, the future business models based on patent licencing based innovations may regularly need assistance for Patent Searching before patent licencing. The results of a patent search report for patent licencing of inventions and patent licencing projects can assist in determining if Patent Drafting for new inventions is the next step for patent licencing and International Patent Filing along with patent licencing and USPTO Patent Filing. In case of blockchain based business models adapted from patent licencing or technology licensing, utility token Legal Opinion Letters may also be needed for new projects, along with a set of applicable contracts and agreements.
Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements. Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.
Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.
Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings).
Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.
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