Can a patent make you rich [Expert Advice]

Last updated : Aug 19, 2022
Written by : Dario Greenough
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Can a patent make you rich

Can you get rich from patents?

A patent gives you ownership rights to your invention. Simply owning a patent doesn't make you money, however. To profit from your invention, you can do the following: Market it yourself.

How much money can you make from patents?

An inventor taking this approach to patent selling may attract $5,000 to $35,000 for their patent, or more if it's a valuable patent. Some inventors hire a marketing service to try to interest companies; such marketing companies usually keep statistics on their success rate.

How do people get rich off patents?

  1. Start a business: Product conversion.
  2. License your patent.
  3. Use a patent licensing company.
  4. Use it as collateral for a bank loan.
  5. Sell off your patent rights.
  6. Sell to a business that's expanding to your country.

What patent makes the most money?

The patent for the telephone is often considered to be the most valuable patent in history.

Is getting a patent worth it?

In some industries, patents are absolutely critical. But in far more they are not. It's a well-known fact that a vast majority of patents are worthless. Around 97% of all patents never recoup the cost of filing them.

What is a poor man's patent?

A poor man's patent is essentially writing out a description of your invention and then mailing that written description to yourself. This postmarked envelope supposedly acts to create the date of your invention as the date this written description was postmarked.

How many patents does Elon Musk have?

Elon Musk's portfolio has 18 patents that belong to 9 unique patent families. His patents belong to vehicle design, autonomous vehicles, location-based search, etc.

Who is the patent king?

Shunpei Yamazaki — The Guinness Book of World Records currently names Shunpei as having more patents than any other person. He has been granted 2,591 United States utility patents and has 9,700 worldwide patents, which is cumulative of more than 40 years of inventions.

Is having a patent a big deal?

Patent protection can prevent someone from profiting off of the hard work of the inventor. Without patent protection, the inventor does not have a protectable right. Patent protection provides inventors access to the courts to enforce their rights against an infringer.

How long does a patent last?

A U.S. utility patent, explained above, is generally granted for 20 years from the date the patent application is filed; however, periodic fees are required to maintain the enforceability of the patent.

How much is a patent worth?

A review of available data shows that, as of 2016, the median price paid for issued U.S. patents was about U.S.$ 225,000, while the average price paid hovered around U.S.$ 360,000.

Is it hard to get a patent?

Since patents are legal articles, they can be somewhat difficult to obtain. Patent applications vary from country to country, depending on what you're trying to get a patent for.

How can I get a patent with no money?

The Patent Pro Bono Program attempts to match inventors with registered patent agents or patent attorneys. These practitioners volunteer their time without charging the inventor. However, the inventor still must pay all fees that are required by the USPTO; these cannot be paid by the practitioner.

What's the cheapest way to get a patent?

  1. Do-It-Yourself (Draft it and File it Yourself)
  2. Cost of Filing It Yourself.
  3. Still To Expensive?
  4. Cost of Filing It Yourself.
  5. Fiverr & Other Low Cost Options.
  6. If Budgets Allow - The Better Option Is to Use an Attorney.
  7. The Cost of An Attorney.

Which country patent is best?

In 2020, China had the most patent grants worldwide with 530,127 patents granted to resident and non-resident companies or organizations. The United States followed with 351,993 granted patents the same year.

How long does it take to get a patent approved?

In the United States, it takes an average of 24 months from the filing of a patent application to get a patent.

What IQ is Elon Musk?

Based on previous aptitude tests, Elon Musk's IQ is assumed to range between 150 and 155. However, no official data to back up this claim. According to IQ classification, persons with an IQ score of 145 and above are considered geniuses. This means Musk is among the world's most intelligent people.

Who stole Tesla's patents?

Edison wronged Tesla by making a fake promise Moreover, according to Tesla, Edison offered $50,000 as a reward to Tesla, if he completed the work efficiently.

Are Tesla cars patented?

Not only was Tesla further ahead in innovation and development, but its patents, a list of which can be found on Telsa's website, granted Tesla a monopoly on the patented technology and therefore the right to prevent anyone from infringing their rights by using Tesla's technology without permission.

What company has 29000 US patents?

ALCATEL-LUCENT, the latest technology company to announce plans to make money from its patents, may generate several hundred million euros this year alone from its trove of 29,000 rights, according to its chief financial officer Paul Tufano.

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Can a patent make you rich

Comment by Tristan Postlewaite

Thanks for this great article

Thanks for your comment Tristan Postlewaite, have a nice day.
- Dario Greenough, Staff Member

Comment by dualistisC

so making money off of your invention involves a strategy of value creation finding someone who is interested in what you're doing someone who sees enough value in what you're doing that they want to pay for it right so um critical thing in all entrepreneurship is exchange of value creation of value and so there's different ways though to approach this there's different ways to approach creating value from your invention such that other people are willing to pay for it of course that money can come from customers direct customers of your invention that are buying products so that's one way and another way is through people who themselves uh see a way to um to profit from it so it's it's an added step it's where you have a company an entity that believes that they would be able to create value in the world using your invention in other words they'll be able to sell products if they had access to your invention or if they have the rights to use your invention so this is where the the paths are the different the different business models begin to deviate um there are paths toward toward making money with your invention that involve creating products and there are paths that are really most involved in in conveying the intellectual property and conveying the rights you have to your invention so it's more of a kind of like thought work where the the work comes from the um the thoughts that you have in terms of of of the invention itself the um the work involved is in protecting it and making sure that you position it in a way that all the people can see value but it's not in actually manufacturing it's not an actually design and in distribution of products and that i think is the biggest question that most inventors should ask themselves is where they sit on the question of do i want to actually get involved in manufacturing products do i want to get involved in in designing products prototyping them testing them you know finding the components getting them assembled packaging and then promoting it finding either retail channels that are interested in in buying the product to sell in their stores or or creating online sales through e-commerce and so you really want to ask yourself do you want to get involved in that because that is definitely for some people some people enjoy the hell out of of selling products making something putting it out there watching the needle move as the sales increase and then there are other people that don't want to get involved in that and you know one thing to consider about it is i mean all of this is relationship oriented right whether you're going to sell your products or sell the rights to your product it's all about people it's all about relationships it's all about making contact with people that see the value understand the message understand what you're creating with your product and are willing to pay for it so it is all about relationships but i would say that manufacturing and selling is a bit more relationship heavy there's more people that you need to get involved in the project there's more people that need to be in some type of cooperative relationship or joint venture with you in order to get product sales off the ground so it also means capital a lot of times with manufacturing it takes significant capital to get the product produced to get it distributed to advertise the product to market the product so that's something you want to ask too so it is a bit about personality it is a bit about resources but um you know i i think that the biggest question is does it light you up is it something that gets you excited um there's the notion of going into business making this product does that excite you and then that might be the path toward toward making money from this invention on the other hand if it doesn't if you really can't see yourself getting involved in manufacturing the product then the other major direction is to find someone who is find someone who um sees what you have in mind doing buys into the vision sees like how it could help their own business perhaps like usually the the the other person that you're looking to get excited about the invention is a company that's already in the field of the invention a company that's already involved in manufacturing products like this and by uh you know by tapping into that network or tapping into their resources tapping into their ability to get a product out there um it it then becomes an advantage for you having your success and it really is about them seeing hey this is something great this is something that i would love to have as part of my product line this is something that could help our business grow and of course they have access to the resources to make it happen they have the distribution network already set up they have the customers already existing so so then the path then towards making money from your invention is finding that person finding that person who's in a position to both appreciate what a great idea it is because they're in the business and they're in a position to make it happen and once you do locate that person it becomes a matter of it becomes a a matter of what type of deal fits now a lot of times people think in terms of selling their rights outright in other words people think about the notion of someone coming along and buying their patent and that happens sometimes but let's just take a look at that for a moment so if you're able to sell your invention outright if you're able to sell your invention you have a company that's interested in buying you a patent then um they buy the patent they pay you you've gotten paid you're no longer involved in the process you don't have a stake in the outcome of the product anymore so if the product from that point fails well you've gotten paid already and it doesn't matter so much because again you've already gotten paid um if instead the product does extremely well like you it's a runaway success well beyond any expectations then if you sold the rights you're not going to get to enjoy that success you've already gotten paid so if the product does a hundred times the sales that anyone imagined you're not going to get to enjoy in that success so that's the downside of selling the rights um you know to the patent to selling it outright um the other or more common path is for the invention to be licensed in other words for a company to say hey this is great we'd like to do this so we'd like to pay you for every unit that we produce and that's called a licensing agreement and the payment that they make for every unit produced is called a royalty payment and what happens there is essentially you're sharing the risk with the company you're sharing the risk in that if they make lots of products you're going to get paid a lot if they make some products and it doesn't sell very well you're only going to get paid a little and then they might discontinue the product so you're sharing the risk with the company of how the product does of whether it succeeds or not now interesting thing about licensing agreements and considering that that you know the product once you license the produ

Thanks dualistisC your participation is very much appreciated
- Dario Greenough

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