Patent commercialization process 

The term “patent commercialization” can refer to either the patent commercializing process or monitoring it. Commercialization can occur through the sale of the patent, the assignment of the patent, or the granting of a license to use the patent.

An assignment is a contract that is used to transfer full ownership of a patent to another party. This is analogous to the sale of a piece of real estate. The third party, who is referred to as the licensee, receives all of the rights, with the exception of the ownership rights, by way of a license agreement.

Importance of patent commercialization

The importance of the patent commercialization process lies in the pursuit of a fair share of the revenue generated in exchange for the disclosure of the innovation to the general public.

Patent Commercialization Process Steps

Patent commercialization is a process that takes an idea and turns it into profitable product ways to commercialize patents.  Patent commercialization strategy is a process that begins with filing a patent application and ends with the successful launch of a product. The process includes steps such as identifying market opportunities, developing prototypes and testing them in the marketplace, filing for trademarks and copyrights, negotiating contracts with distributors and manufacturers, raising capital through angel investors or venture capitalists (VCs), creating marketing plans for each stage of development as well as post-launch activities like advertising campaigns or public relations campaigns. In the following response, we will discuss each step of the patent commercialization process in detail.

Establishing Market Demand 

Does anyone want this product? Are there enough customers willing to purchase it at a reasonable price point? How many competitors exist in this space already? These are all important questions that need answering before moving forward with any kind of patent commercialization strategy or finding ways to commercialize patents. 

Identify

Determine the nature of the issue that requires a solution. Identify the solution that will allow us to handle this issue, as well as the reasons why it is preferable to alternative solutions that are currently available (or at least different).

Implement

Implementing your new idea or solution into your company model should be done in a way that is rational not only for you but also for your customers, clients, users, patients, and so on. You should do this while keeping their requirements as well as your own in mind.

Monitor 

Monitor how things are going after implementing this change, looking for any unexpected effects or problems with the implementation that may have been overlooked during planning stages (e.g., cost savings not being realized), then adjust accordingly if necessary before continuing on with step 1-3 above. 

The patent commercialization process is about taking your invention and turning it into a profitable product. The patent commercialization process starts with you, the inventor, and ends with the creation of a new product on the market. In between those two points are several steps that require careful planning and execution if you want to successfully commercialize your patent(s).

Patent administration

Patent administration encompasses the entire process of creating patent assets, beginning with the conception of an innovation or idea and continuing through the filing of applications and the litigation phase.

Patent Management

This involves creating a patent portfolio with value patents and creating economic benefits through patent management, implementing business strategy, and maximizing the value of patents.

Licensing and sale of patents were strategies developed and initially used by large companies.

Exclusive licensing agreements

Signing an exclusive licensing agreement to a company’s value patents in order to seek royalty is the common strategy for the commercialization and monetization of patents implemented by large innovation-based companies. 

The sale of a patent

The commercial sale of the patent in the new market through methods such as patent auctions and working with license enforcement businesses are two additional methods of commercialization and monetization.

Conclusion

In conclusion, the patent commercialization process can be one that is fraught with difficulty and calls for a significant investment of effort. On the other hand, this is also one of the most crucial aspects of becoming an entrepreneur and an inventor. If you want your invention to be successful, it is imperative that you find a means to make it profitable so that people would buy it instead of just stealing it from you!

Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements.

Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.

Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).

Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.

Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.

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