Earning Money From Your Patent Yourself

Advantages of using the patent yourself

• You alone are responsible for success or failure.
• You have full control over the invention, reputation and quality.
• With proven success, you can present a more convincing case to investors.

Disadvantages of using the patent yourself

• You need to make big investments to apply for national and international patents, set up production facilities and market your product.
• Small companies and start-ups may find it hard to market an invention effectively.

Costs and income

When preparing your business case, you consider the costs and the potential income. When thinking about income, you should look further than just the direct income the invention will generate. For example, it is also possible that the new invention will increase the value of your existing product range. Perhaps the product will boost your image as an innovator.

Starting a company

Do you have experience and contacts in a specific market and have you come up with a good invention for that market? In that case, you might consider starting your own company.

Remember that, as a start-up, you will have to begin from nothing. An existing company usually has ways of helping a new product get off to a great start. These might include name recognition, production facilities, business skills, knowledge of the market, manufacturing expertise, employees and contacts.

Working together with existing market parties can therefore be a good approach. Owning a patent can offer you an advantage in such partnerships.

Existing company

An existing company can manufacture a new invention and bring it to market on its own, but this is not always the best choice. Does the new activity suit the corporate strategy? Will the company be able to change its way of doing business? There might still be possibilities left in the Dutch market. Setting up a worldwide sales network, and the marketing efforts that go along with it, may simply be too ambitious. Licensing or selling the patent (by market segment or by country) could be the best strategy to earn as much money from your patent as possible.

Other ways to use your patent

• Work together with other parties
• Grant licences that allow someone else to make and/or sell your product
• Sell your patent