We Sell Your Patent

This week I received “Paco” in our prototyping lab. 
 
Boy, was he ticked off!
 
I wasn’t able to get a word in edgewise from the time I said “good morning” until 40 minutes into the meeting.
 
Paco was really frustrated.
 
More than €3000 invested in services that would supposedly culminate in the sale of his patent. And after six months, NOTHING!
 
This reminded me of something Omar Sharif said:
 
“There is a thin line between ingenuousness and optimism; out of goodwill, some people tend to cross that line.” 
 
But, between us: 
 
Do you really believe that selling a patent is so easy?
 
You get what you pay for.
 
Here are 10 tips that hopefully will spare you some upsetting incident in the future:
  1. 3D drawings are not magic. If that’s all you have, don’t waste your time. 
  2. The industry doesn’t buy dreams. Demonstrate that it works with a working prototype and the proper documentation.
  3. Make sure that your prototype and your patent match. You know… the story of what came first, the chicken or the egg.
  4. Sending 100 SPAM messages to strangers via LinkedIn DOES NOT COUNT. 
  5. Study how much it costs to manufacture your product by industrial means.
  6. Study the business of your potential buyer.
  7. Assess if your invention actually provides innovation and value to clients.
  8. Study the effort that your client will have to make to sell the product. 
  9. Ask your service provider for examples of sales of other inventions.
  10. You’re the only one responsible for turning your idea into a product and a business. Do not attempt to convince others that you have a big opportunity if you’re not willing to go all in. 
With these Sunday tips, I don't intend to sell you anything. I am fulfilling my commitment to support our community of inventors.
 
Warm regards

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Erick Remedios Muiños
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