Three Things That, Together, Make Your Invention Licensable
Even if an inventor is the creative type who puts in long hours and figures out ways around obstacles simply for the joy of doing so—they still may wish to make money from their invention. For some, in fact, that is the main goal; invent something that people want to buy, and become very rich by licensing it and putting it on the market.
This happens, no doubt about it, which is one reason those who’ve not yet been successful at this keep striving. Keep in mind, though, that not every invention will even come close to this—for the best chance of success, inventions should meet these three benchmarks to have the best chance of bringing in the riches.
Patent Feasibility
Can you get a patent on it, to ensure that you have control over the product… and that no one else has invented it before you? As any good patent lawyer will tell you, patenting your invention is only the one step—and one that does not guarantee that your invention will sell.
Commercial Feasibility
Can your invention be manufactured, or sold, and are people able to buy it? Will they buy it? If your invention needs to go through a manufacturing process before it reaches the market, part of the commercial feasibility study is cost—and if the cost of manufacturing will be outweighed by the sales of your invention.
Marketability
You’ve heard it said that some products practically sell themselves? This is so; others, however, take quite a bit more effort to catch on with the buying public. Take a good look at your product; once it has passed the patent and commercial feasibility tests, think about marketability. Will the general public understand and use your invention, or would it be better marketed to a specific group or industry? Does your market exist, or will you need to create one?
All of these questions together help get you to the point where you can be confident in your product’s licensability. Talk to the experts in your life… business, marketing, your patent attorney, mentors and, of course, any market testers. Go in with the best planning you can, and those riches might be closer to your grasp.
Contact your Patent Attorney to learn more.
