Inventions for sale

All you need to know about inventions for sale

The invention is the result of effort and intelligence of an inventor. A question may arise in your curious minds that “how to these inventors make money out of it?” If you are an inventor yourself you are seeking for the ways to use your invention as a source of income. Of course, a successful invention will become your source of income. You can make your own business with your invention and if you are not confident of this option there is the second option for you. You may sell your invention or you may say the idea of the successful invention to any company willing to buy. The second way is very popular in recent times. In this article, we will discuss the topic of inventions for sale.

What does an invention for sale mean?

You can sell your invention to other company in case you are not in a state of making business. This company will make your invention marketable and in return, you will be paid a good amount of money. The company buying your idea of the invention will require the protection of a patent. The patent on the invention in your name will ensure that no other person gets to sell your idea of the invention.

In the following discussion, we will know about how to sell your invention and the procedure involved.

Understanding market demand and acceptance of the product:

Before you proceed with your plan for selling your idea of the invention, you should start some research work. Do some research about the demands in the contemporary market. It also requires testing amongst a group of known people who will give you honest feedback. This will give you a clear idea of the acceptance of your product. Also, ensure that your product will be the best of its kind in the market.

Ensure the patentability of your invention:

Your invention should be qualified for the grant of a patent from the USPTO. There should be no same invention same as yours which has been granted a patent previously. All the legal works required for the application for the grant of a patent are to comply with and preferably with the help of a registered patent agent.

The process of producing the invention:

The process of production of the invention should be documented for the investors. If in the process of production of the invention any unique or uncommon raw material is required, the details of the same should be provided by you.

Professional presentation for the investors:

This part is very important in the whole process of selling your invention. Prepare a presentation of your invention for the licensors whom you will approach for sale of your invention. this presentation should be brief but should be explaining all the dimensions of your invention including its benefits and key features. The process of production and materials required for such should also be mentioned in the presentation. If you have already received a patent on your invention provide adequate documents required to prove the same. If the application is in patent pending status that should also be mentioned in the presentation. You should never keep the investor or licensor in darkness by not disclosing any drawbacks of the product. You should give them a clear idea of the demand of such product in the market which you have come to know after extensive research.

Find out and approach the suitable company for your production:

When you are done with your preparation to sell the invention it is time to get in touch with investors. This too requires some market research. Make a list of a good number of investors out of many companies in the market who may be interested to buy your invention. it is easy to say but not so easy to do. So better understand the category in which your invention falls. After you have sorted out, look for those companies which are having businesses of the same category.

Not always big companies are the only option available. Sometimes smaller companies in areas where such products are not so popular or not very known may be beneficial. Such companies may make more business with your invention in unexplored areas. So choose the buyer wisely for better returns while selling your invention. This will ensure better returns from your invention.

inventions-for-sale

Decide the payment procedure and scale of it:

When you place your quote do not make it unrealistic. The payment should be done in three steps which are hereunder explained.

  • The first payment should be done at the beginning much before the procedure for sale even begin. This payment is like an advance against the royalty but popularly termed as an up-front payment. the amount of upfront payment varies and can be decided on the consensus of both the licensor and licensee.
  • Royalty is calculated on the basis of the annual sale of your product. You may claim within a range of 2-5% as royalty.
  • To ensure your benefit you should ask for an annual minimum. This will ensure you get a fixed amount of royalty apart from the royalty from the sale. With this, you will never be at a loss even if sales are down.

You have to earn from your invention for a longer period of time, so the scale should be kept pleasing both the licensor and your aim. So do not fall prey to lucrative deals which will give you money but for a short span of time. Decide wisely while selling your invention. Hope this article will help you to know everything about inventions for sale.

Patent Application Preparation, Filing and Prosecution basics for Inventors

Patent Application Preparation

As an Inventor you need to be aware of some of the basics or components of preparing, filing, and prosecution procedures for a Patent Application.

Some of the components and related language of Patent Application are:
• Patent Specifications, patent drawings,
• The Filing Date,
• The Claims,
• The Priority claim,
• Patent Security recommendations,
• Patent Publication,
• Patent Pending,
• Patentable Subject matter.

The Patent Claims can be described as the most important part of the Patent, it describes what is new and original in the invention for which patent is being applied for, the patent claims also clearly states the scope under which a patent will be protected. Patent specification normally contains the details of the background and general overview of what an Invention is all about, it may contain figures, and data to back up claims or explain the invention, as well as an abstract and summary of the invention procedures, techniques and systems.

Different countries patent offices have different requirements in regards to Inventors’ Patent specifications and prosecution. It is advisable to get familiar with your country specific requirement to avoid any delay in patent processing.
The claims of a patent specification generally define the scope of protection offered on a patent. This is the legal description of an invention and it is one of the most important components that can speed up your patent application. Inventors use their claims to set out the component that can infringe the patent.

The claims made by an inventor can have some other dependent claims that can narrow down the protection of patents by defining other specific features of the invention.
The filing date of your patent application is the rule that sets up a cut-off period after which any public disclosures will not be allowed to be part of the patent filing procedure.

The rule of Patent application is that the first person to make an application for the protection of an invention will be considered as the owner of such patent, therefore it is important for inventors to note the filing date when preparing their applications.
In order to get a filing date, the regulations set out by the patent office must be carefully followed especially through the documents filed. The patent office usually notifies an applicant if the requirements for a filing date are not met. It is also possible to make any corrections on your patent application without any shift on your filing date.

Priority Claim references a situation where a Patent application claims priority from a previously filed application in order to take advantage of any information disclosed on such a previous application. Inventors can make use of the opportunity in priority claim to increase their chances of getting their inventions patented, most especially when the prior filing date reduces the number of disclosures you can make.
Security recommendations are integral part of the Patent application procedures.  Patent offices may ask inventors seeking a Patent to obtain security clearance before their application is approved or submitted. Security rules differ in different patent offices, but in most cases, all patent applications are normally reviewed and any security concerns will be communicated to the inventor applying for patent. Also, making Patent application in a country other than your home country may warrant some patent security checks.

The Patent Publication are normally made some 18 months to 24 months after the earliest priority date of the Patent application. Just before the publication date, a patent application remains confidential to the patent office, and some parts of the patent application remain confidential to the patent office even after the publication day. The publication date is the official date at which a patented invention is made available.

Patent Pending simply means a warning to a third party that is it infringing on the rights of the original inventor of an idea or invention. This warning is normally send to the infringement culprit after a patent has been awarded to the original inventor. Inventors are usually advised to label their inventions “Patent Pending” so that third parties who are not aware of the patent application will know.
The patentable subject matter is often a major issue of discuss among some concerned experts. Many have argued that the first inventor to submit a patent application on an invention may not always be the main inventor of such invention, therefore experts recommend that Patent offices will need to take some precautionary steps when awarding patent rights on some inventions , they need to consider any objection that can come from other inventors before deciding who originally owns an invention.

Protecting your inventions and getting a patent to cover it has now become easy, especially when you seek the help of professional patent attorney or Patent Agent to handle the legal procedures for you. Inventnet.com provides you a patent attorney directory where you can always refer to if you want a legal representation to protect your inventions and get your Patent application filed. Our dedication to patent rights , and application filing will guaranty your success.

Benefits of Joining an Inventor Club

Benefits of Joining an Inventor Club

There are numerous benefits of becoming a member of an inventor club and one of such is the opportunity to get a network of friends that can guide you on several ways of protecting your inventions, seek the services of a Patent attorney and also get some other kinds of local, or International Patent Application help. Being a member of this type of association is voluntary and in most cases you will have to make some regular payment or contributions for your membership. Becoming a member of an Inventor club will greatly help beginners who are filing for patent on inventions for the first time.

There are some inventor clubs that provide some forms of learning forums for both young and old inventors as well as entrepreneurs. The idea behind an Inventor club is to protect a new idea, new technology as well as the individual behind such innovations from Intellectual Property thefts. Inventor clubs see their members as resources and not just ordinary people, therefore they do everything to protect their inventions.

Aside from being an inventor, most Inventor clubs are also open to anyone who wants to initiate the process of inventing something new and that which will benefit the general public.  Inventors groups or association also organize periodic competitions and an opportunity to join field trips where members are exposed to diverse innovations within their fields.

Another benefit you may derive from being a member of an inventor club is that you gain more ideas in terms of the technical and business aspect of your invention. You might have a great scientific invention for instance but you may not have the commercialization idea and how to replicate the idea into a money making opportunity. Aside getting the help on commercializing your inventions, becoming a member of an invention club will also will also help you acquire skills on how the product development procedures for your invention evolves, this will include how you can conduct research , evaluation, funding, engineering, prototyping, design and many other components of invention that you don’t have high skills of using.

With a membership of an innovation club, you will receive constant guides on how you can get financing in making your inventions become a bigger project, and you will have more knowledge of handling issues such as licensing as well as challenging issues like marketing and distribution of your invention. You need to keep in mind that as an inventor, some challenges will develop as you try to expand you invention into a bigger project and this is one of the issues that an ideal inventor club will try and assist you in dealing with.

With an invention club, it often becomes easier to find a manufacturer who will license your patent, this is a huge advantage especially when you don’t have the financial strength to commercialize your invention and you already to share the responsibilities with a manufacturer who has a view of the potential success your product will generate.

With a reputable invention club, you will have opportunities to meet regional and international inventors who will enlighten you about their journeys through different phases of their inventions- these include; technology transfers, entrepreneurship, and intellectual property protection among several others. You will learn the Do’s and don’ts of presenting a new invention and getting patents for such, and they will recommend some of the steps they followed from their wealth of experience, therefore you wouldn’t have to make the same mistakes they made.
Different inventors clubs have different criteria for selecting new members into their groups; there are however some criteria that seem to be general and applicable to all of them.

How to join an inventor club

To join an invention club, you must;

• You may be interested in developing your ideas into inventions and enjoy the company of like minded and some time more experienced inventors.

• Some may have an invention that is new that have been submitted for patent or you are initiating the process of applying for patent,

• Or even having inventions that are commercially viable and capable of out-performing other similar products or inventions in the market.
In most cases, a preliminary confidential evaluation of your invention will be done in person and you will get an opinion from other members or from a patent attorney to make sure all other requirements are met. Some invention clubs provide you with free advice or services saving you money in your steps towards patent prosecution or commercializing your invention.

• You can also join our online Inventors Network (InventNet.com) and ask your questions or share your thoughts and experiences

When it comes to finding a reputable patent Attorney for your patent application , you need to consider the best and one of such are listed at  Inventnet.com, in our Patent Attorney directory where you can quickly locate an attorney to help you file your patent application easily and correctly.

NON-DISCLOSURE / NON-COMPETE AGREEMENT

NON-DISCLOSURE / NON-COMPETE AGREEMENT

This agreement is made as of the 23rd day of June, 2002, by and between: ACME Inc. located in CITY, STATE and JOHN INVENTOR located in CITY, STATE.

This Agreement shall govern the conditions of disclosure by JOHN INVENTOR to ACME Inc. of certain “Confidential Information” including but not limited to prototypes, drawings, data, trade secrets and intellectual property relating to the “Patent Pending” invention named “Mouse Trap” invented by JOHN INVENTOR.
With regard to the Confidential Information, ACME Inc. hereby agrees:
1. Not to use the information therein except for evaluating its interest in entering a business relationship with JOHN INVENTOR, based on the invention.
2. To safeguard the information against disclosure to others with the same degree of care as exercised with its own information of a similar nature.
3. Not to disclose the information to others, without the express written permission of JOHN INVENTOR, except that:
a. which ACME Inc. can demonstrate by written records was previously known;
b. which are now, or become in the future, public knowledge other than through acts or omissions of ACME Inc.;
c. which are lawfully obtained by ACME Inc. from sources independent of JOHN INVENTOR;
4. That ACME Inc. shall not directly or indirectly acquire any interest in, or design, create, manufacture, sell or otherwise deal with any item or product, containing, based upon or derived from the information, except as may be expressly agreed to in writing by JOHN INVENTOR.
5. That the secrecy obligations of ACME Inc. with respect to the information shall continue for a period ending 3 years from the date hereof.

JOHN INVENTOR will be entitled to obtain an injunction to prevent threatened or continued violation of this Agreement, but failure to enforce this Agreement will not be deemed a waiver of this Agreement.

IN WITNESS WHEREOF the Parties have hereunto executed this Agreement as of the day and year first above written.

ACME Inc.

By: _____________________________ Date: _____________

Title:___________________________

JOHN INVENTOR and SIGNATURE

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*** This is a sample and is not to be considered as legal advice of any sort. ***

Have an Idea? What is next?

From idea to invention

There are many different methods used by professional inventors designed to assist them through the invention process. Below, I will attempt to illustrate how the process should basically go from my personal experiences.

Disclaimer: I am by no means a patent lawyer or patent agent, I am an inventor. This is not legal advice and should not be constituted as such.

The first two things you can do for yourself are as follows:

Don’t be caught unaware and unprepared. Educate yourself by reading books, attending conventions and networking with other inventors to learn all you can about the entire invention process.

Do not trust promoters on invention and invention geared advertisements on the television. 99% of these are fraudulent and will cost you time, effort and a lot of money. Keeping yourself educated will help prevent you from being taken advantage of by con artists.

For a free reference and resource site, do not hesitate to subscribe to the InventNET forums, where you can connect with other inventors and find information that is vital to your line of work. This is an email based discussion group where inventors can receive quality answers to many questions.  Included among these may be answers to questions regarding the patenting process, the idea creation process, how to sell or license an invention and questions on problems you encounter while working on your own invention.

If you have questions about patenting and invention, don’t forget to check the United States Patent and Trademark Office for the information you are looking for. As all US patents are required to be registered with the USPTO, you may be able to find the answers you are looking for.

If you have an idea that you think is creative and new, you can follow the steps below in order to develop your idea.

1: Get a piece of paper and a pencil. Writing down all of the information you can on your idea is the first stage in creating an invention. This may require research, to ensure that you have the proper calculations behind your project written down. It is important to make sure you have as much detail as can possibly have for future stages of the project.

2: The next thing you need to do is explore the current markets for information on similar technologies. If your project will eventually become a consumer product, go to stores that would be likely to sell such products and look for things that are similar. Speak with the managers of each store to find out their opinions on your product, use the Internet to find more information regarding users, manufacturers and distributors of similar products. Contact these companies to find out specifications such as price and product information. You may need to visit these companies in person to discuss more in depth the requirements your product would have to meet to have a place in the current market.

3: After you have gathered all of the information you can, it is time for you to compare your invention with that information. You should be studying the novelty of the item, the marketing potentials, usefulness, productivity, price, and ease of manufacturing to begin with. This information will be able to help you form a firm foundation on what your product needs to really do. This may create some alterations to your original design, but it may be necessary in order to sell the product. It is suggested that you now go out and talk with potential users of your product and discover their opinions on it.

4: Now is the time where you must decide whether this project is worth patenting or not. This is a difficult decision to make, as you have to calculate the probability that this project will be a success. As marketing your product can cost up to 90% of all of your resources you put into it, you have to be very sure the risk is worth it.

REMEMBER: Only two percent of all patented items are successfully marketed. If your product looks risky, drop it and take on another one that will have a higher chance of success. This will save you a lot of time and effort.

When you are seeking to obtain a patent, there are several steps you will have to go through. The first is performing a patent search on the type of invention you plan on creating. A patent lawyer or patent agent basis his or her patentability opinion on a patent search. This search is used to determine whether someone has patented an invention similar to yours, which may have anticipated your invention. If this is the case, a patent examiner would have to reject the patent. This allows you to save you time and money, should a patent already exist for your idea.

Making certain that a patent doesn’t already exist that covers the same invention you are attempting to create can be done with the patent search. The first thing you will need to do in this case is perform a Classifications search. This is a part of a Preliminary search, which is free at the USPTO website. Doing this will save you money, as if your product is shown to not be a new, novel idea, then you won’t waste your time or resources working on something you cannot receive a patent for.

If you require further information on patent searches, you may read this Patent Search Tutorial.

In addition to doing your own search, you should also have one done professional. These experts are trained in doing searches for patents of various Classifications, which means you will have a definite answer on how good your chances are of receiving a patent. In general, patent searching experts will cost you $400-$800. This includes his or her patentability opinion.  As the patent process does cost several thousand dollars, this is a bad place to make a mistake.

5. Besides having technological knowledge, there are two aspects you must keep in mind before registering a patent. This process takes time and money. It will take you over 16 months to get your patent in most cases, sometimes up to as much as over two years. Expect to pay, at a minimum, of at least one thousand dollars. Most patents cost more than that, however. This is strictly dependent on what type of patent you are applying for.

6. If you have enough funds on hand, this would be an excellent time to find a patent attorney or agent to assist you through the rest of the process. Your choice should be determined by several factors. The first is to find a lawyer or agent that does not charge you for the initial visit. They must also charge a flat fee for their services. You can expect to have to pay between $2,500-$10,000. This agent or lawyer should be PTO registered.

7. If you do not have the funds required to hire a proper registered patent lawyer or agent, you may patent your invention on your own. This is a cheaper alternative. However, this can be a frustrating process. While it is not impossible, it is not easy, either.

There is now an on line patent application form available from the USPTO’s website.

8. If you are not comfortable with the final draft of your patent application, you may hire a patent agent or lawyer to proof read the draft for $500-$1,000.

9. If you have neither the time nor the money for the fees required to apply for a patent, you may consider going into partnership with an investor or another inventor, with the agreement that you will be sharing future royalties on the invention.

10. If you disclose the information about your invention to anyone before you have applied for a patent, you may not be eligible for a patent in most countries. The United States is one of the few exceptions to this rule, as they have a one year grace period in which you may apply for an application. You may, however, disclose the information on your patent prior to applying if you have had the viewer sign a non-disclosure agreement. This will not start the one year period in the United States, nor will it cause your invention to be inapplicable elsewhere.

11. A program called the Provisional Patent Application (PPA) helps you establish a priority right for your invention. This is an inexpensive way to show others that you have a patent pending. At a cost of $100, it is well worth the investment. You will have one year after you apply for this program to file a proper patent application.

IMPORTANT: This is not a patent and the information you send will not be examined, approved or denied by the USPTO. The information you provide will be filled and establish priority date for your invention only if you file a standard (real) patent application within 12 months.

To participate in this program you have to send a copy of the description of your invention to the United States Patent and Trademark Offices. You must be certain to include a clear and complete explanation of the manner, process and use of the invention in sufficient detail where a person with ordinary education in that field of study can reproduce and use this invention. The PPA should include sketches or drawings of your invention. The description of this item should match the one you send in with your real patent application or you will not be applicable for priority rights. To learn more about the PPA, you should go to the USPTO website and read the information on the pages you find there. This will give you a more precise and accurate description of the process required to make use of this program. Should you decide to file an application in this program, you can download and use software will all the requirements you need to make the process very simple.

For more information on the patent process, you can buy books that will help describe the process in further detail. One such book is Patent it Yourself by David Pressman.  Reading these books will give you access to information on how to describe your invention, and how drawings and claims are created. You will also find information on why you can place “Patent Pending” on inventions after you have filed your patent application.

Marketing your Inventions

You have established by now that your invention is unique and marketable. Now is the time where you make a plan for making money with your invention. You have two primary decisions you can make. First, you can sell or license your invention to others. Second, you can start your own business based on your invention.

There are many books that you can buy that will help you understand how to market your invention. These include, but are not limited to The Inventor’s Bible by Ron Docie, Marketing Your Invention by Thomas E. Mosley, Stand Alone, Inventor! by Robert G. Merrick, and Bringing Your Product to Market by Don Debelak.

Marketing your invention should start immediately after you have filed a patent application. Due to the time and effort involved in selling or licensing an invention, you should use every minute you have. This is something you can do by yourself. You may also choose to find someone else to do this for you. However, you should never pay any money up front to anyone. If they believe your invention has potential, they will do the marketing for a percentage of future royalties. This is where you want to make a list of manufacturers and potential users of your product. Contact the company managers and present yourself as a product developer and arrange a meeting. Do not introduce yourself as an inventor, in this case.

At this phase, you do not want to send any written presentations of your invention without a signed NDA, or Non-disclosure agreement.
Make a prototype that will show and demonstrate your invention’s performances better than words. Now is the time you want to participate at trade shows and inventing shows to display and show of your invention. You will also want to learn how to finance your own business based on your invention. Look for partners and venture capital to finance your new business.
At a very last resort, contact a contingent-fee invention broker to sell or license your invention to manufacturers.

The most important thing you should keep in mind is that you should not contact or use any invention submission company that charges you money in advance. As an Inventor, you need to be aware of invention scams, as they are out there waiting to take advantage of you. Do not market your invention until it is protected.
The subject of Invention and patenting is a vast one, and it is not my intention to present it here in complete form. Consider this short presentation as a starting point in your research.

Patent Searching

Tutorials

Patent and Trademark Resource Center (PTRC) staff are available to provide training on U.S. patent search processes and research tools including the PubWEST database, and the USPTO website .

 Classification

  1. Brainstorm keywords related to the purpose, use and composition of the invention.
  2. Look up the words in the Index to the U.S. Patent Classification to find potential class/subclasses.
  3. Verify the relevancy of the class/subclasses by using the Classification Schedule in the Manual of Classification .
  4. Read the Classification Definitions to verify the scope of the subclasses and note “see also” references.

Access Full-Text

    5. Search the Issued Patents and the Published Applications databases by “Current US Classification” and access full-text patents and published applications.

Review and References

  1. Review the claims, specifications and drawings of documents retrieved for relevancy.
  2. Check all references and note the “U.S. Cl.” and “Field of Search” areas for additional class/subclasses to search.

The USPTO has a lot of information regarding patent searching including a video tutorial.

You can search, view or print patents online at:

USPTO Search Patents and Published Applications

GOOGLE Patents

EUROPEAN PATENT OFFICE