Not taking action with your patent will cost you over $250,000. And that’s not counting the cost of litigating any infringement.
It’s estimated that the average cost over the course of the 20-year life span of a single patent is about $100,000.00 – or roughly $5,000 per year in maintenance fees.
And that doesn’t begin to cover the first investment, which on average is about $150,000.00 to develop a single patentable invention.
That’s due in part because the U.S. patent office now rejects about 65% of all patent applications.
Then there’s the cost of IP litigation, estimated at $4.5 million dollars in attorney’s fees as well as the costs associated with financial compliance regulations such as Sarbanes Oxley.
The first and most important action is to learn the path others are using for success with their patent. You have two options for taking action with your Patent – make and sell it yourself or license it. Licensing rights to your patent for cash is a faster, simpler, less-expensive (and risky) route than making and selling it yourself.
Free E-Course: The Licensing Mindset – How to Think Like an IP Entrepreneur
During this e-course, you’ll hear how Mrs. Fields, Bill Gates, Dale Carnegie, Google, and others used licensing to transform their intellect property into business fortunes. You’ll also learn why licensing is a creative process limited only by your imagination and willingness to collaborate with others to discover what you can do with it.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges and startup events. He’s a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.