When it comes to capitalizing off your invention ideas, perhaps the most important step is legally establishing ownership rights to your inventions. Without the proper legal documentation you will never benefit from your invention legally. It is vital that before you even begin your research that you thoroughly understand copyright laws and what constitutes an invention. Also, determining the value of your invention is crucial because in order to profit you must be able to prove its worth.
Once you are properly attorney and have ownership rights to your invention, it is time to make money from your invention. There are two ways to do this, through licensing and selling the invention. Licensing your invention can be done through a license agreement or a Patent assignment agreement. However, if you don’t have a patent you are unable to license your invention. The invention is useless without a patent; therefore, licensing your invention is not a good way to make money.
After your invention ideas have been legally established, you can now begin the process of licensing or patenting them. This part of the process requires legal documentation and negotiating with the inventor. In most instances, an inventor will want to restrict the time frame in which they receive a share of the profits from their invention. Other inventors often request a percentage or pay a set fee for the right to market and sell their inventions.
During the process of licensing or patenting your invention ideas you will need to find legal documentation to support your claim. The first step in the process is completing a patent search. To perform a search, begin by going to a search engine such as Google or Yahoo and type in the words “patented ideas”. You will then be presented with a list of related matches. You will likely come across many ideas that are being patented.
Once you have identified a number of patents that you think may be applicable to your invention you should then proceed to the second step in the patent application process. This is to search the patents. The next step in the patent application process is to complete the Application. This consists of writing a mission statement and other information. The final step in the patent application process is to submit the Application to the Patent Office.
Patenting invention ideas is a critical process for new inventors. When an inventor submits their invention idea to the patent office, they must make sure that the invention meets the requirements for patentability. Following this process helps ensure that the inventor receives the financial rewards that are deserved for their hard work.