When an idea is discovered, many dreams and hopes for building innovative products and successful companies are born. As an inventor, you think that you have made great achievements, and your ideas will help solve many problems in everyday life. But what if you find that the idea has been patented? It feels like being hit by a brick wall, all your money and effort are in vain. What are you doing now? But don't worry! You still have a lot of IP monetization options, which I tried to introduce in this article.
First, research your ideas as much as possible, identify all the patents associated with them, and check how much activity is active now. This is because most inventors and large companies focus only on patents but don't know the right commercialization strategy. Some of them tried but failed. As a result, they eventually gave up their patents. Here's a good example:
Catherine Hettinger invented a small toy for her daughter 20 years ago and obtained a patent. She brought her ideas to many toy manufacturers but could not find a commercial partner. As a result, she gave up her patent. Later, many Chinese companies chose this idea, developed a modern version, and made a lot of money. The product is called "Fidget Spinner" and it has been popular with children and even adults in 2017. You may have heard of it.
What if your idea has a valid patent? You still don't have to worry. Check the IP protection area, there are two situations:
1. Idea has valid patents in foreign countries/regions
A patent is a geographical right that applies to the country to which it is granted. If you find your idea patents only in foreign countries, you are free to use their technology to establish a commercial strategy, manufacture, market and distribute products in your country. However, when the patent holder extends the protected area to your area, you must obtain a license from the patent family you are using.
2. Idea has a valid patent in your country
If you find a valid patent for your idea in your country, don't raise your hand! You still have the opportunity to take advantage of your ideas. Maybe your idea has some advanced features, not in the patented features. It may be that the patent has not been brought into the market or the inventor you want to target, but it has failed. So you can use a unique IP strategy to turn these unused patents into successful products.
Thoroughly study all the elements of your idea, as well as different parts of the patent claims and market verticals. If you have acquired some unique elements, please conduct a market survey, further develop, and submit an IP application.
What if the patent is successful and the inventor is selling the product? This still can't stop you. Dive into the products and technologies behind them and see what additional features you can add. Prepare a model of a modified version of the product and set up a meeting with the inventor, and you have the opportunity to be part of a successful business.
Orignal From: My idea has been patented - what should I do now?
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