The opportunity to sell a patent for a great price is something many inventors dream about. While many aspire to have a patent that does well in the marketplace, others dream of a day when they can leave the work to someone else.
Whether you are actively trying to sell your patent, or someone has asked if your patent is for sale, you want to make sure you get the best value for the time you put into creating it.
Here’s what you should keep in mind before selling your patent to the highest bidder.
Negotiating a fair price
If you are going to sell your patent, you want to get the most you can; after all, you spent a lot of time developing your idea and going through the process of getting it licensed.
Before you start negotiations, estimate how much you spent nurturing your idea. Do not forget the value of your time and creative effort. While you may not have receipts or physical materials to show the time you spent, it is still a genuine cost, and without it, your idea never would have made it off the drawing board.
Depending on how long you have had a license for your patent, consider the time you have spent talking about and establishing a market for it. The person or company buying your patent is getting more than the license. They are also getting the established reputation of your idea.
Consider your conditions
As you think about your patent and the reputation it holds now, and for the future, you may want to negotiate more than the price you will place on your creation. You may want to add a condition that the buyer may use the patent only under certain conditions.
Think about the buyer and their interest in your patent. While you may have had a particular intent, the person buying it may have something in mind you do not agree with. Consider whether their use of your patent is worth the price you will receive.