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:
- 3D drawings are not magic. If that’s all you have, don’t waste your time.
- The industry doesn’t buy dreams. Demonstrate that it works with a working prototype and the proper documentation.
- Make sure that your prototype and your patent match. You know… the story of what came first, the chicken or the egg.
- Sending 100 SPAM messages to strangers via LinkedIn DOES NOT COUNT.
- Study how much it costs to manufacture your product by industrial means.
- Study the business of your potential buyer.
- Assess if your invention actually provides innovation and value to clients.
- Study the effort that your client will have to make to sell the product.
- Ask your service provider for examples of sales of other inventions.
- 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.
If you want to help me in some way, you can:
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