Can I sell or license a patent?
January 30, 2024 | 50,00 EUR | answered by Günther Schenkenberg
Dear Patent Attorney,
My name is Sven Helbig and I have invented something for which I have obtained a patent. Now I am faced with the question of whether I can sell or license this patent.
Background information about my invention: I have developed a new process for efficient energy recovery, which I believe could be groundbreaking. I have invested a lot of time, money, and effort into developing this technology and now I would like to explore the possibility of how I can benefit from it.
The current situation is that while I own the patent, I do not have the necessary resources to market and sell the technology myself. Therefore, I would like to know if it is possible to sell the patent to a company that has the resources and expertise for marketing. Or would it be more sensible to license the patent and enter into a partnership with a company?
My concerns are that I do not know exactly how the process of selling or licensing a patent works. I want to ensure that I am fairly compensated and that my invention is successfully brought to market. Additionally, I am unsure of how to find potential buyers or licensees and how to structure the agreements.
My question to you as an expert in patent law is therefore: Can I sell or license my patent and how should I proceed? What legal aspects do I need to consider and how can I ensure that my interests are protected?
Thank you in advance for your support and guidance.
Best regards,
Sven Helbig
Dear Mr. Helbig,
Thank you for your inquiry regarding the sale or licensing of your patent for your innovative process for efficient energy recovery. It is understandable that you are considering how best to profit from your invention while also ensuring fair compensation. In my years of experience as a patent attorney, I have handled many cases like yours and can provide you with some important information and advice.
First and foremost, it is important to know that both selling and licensing a patent are possible. Both options have their pros and cons, and the decision depends on various factors such as your long-term goals, the financial capabilities of the potential buyer or licensee, and the type of technology.
When selling a patent, you transfer the rights to your invention completely to the buyer, who then has the sole right to use and market the technology. Selling can be a quick way to receive a larger sum of money, but you also lose control over your invention. If you choose to sell, it is important to negotiate a fair purchase price and carefully review all contract terms to ensure your interests are protected.
On the other hand, licensing a patent allows you to retain partial rights to your invention and grant them to a company that wants to use and market the technology. You typically receive licensing fees or a share of the revenue. Licensing can be a long-term source of income, but it also requires selecting a suitable licensee and agreeing on fair licensing terms.
To start the process of selling or licensing your patent, I recommend conducting comprehensive research on potential buyers or licensees. This may include companies already active in the energy technology industry that may be interested in your invention. You can also hire a specialized patent broker or consultant to help you find potential interested parties.
When it comes to the legal aspects, it is advisable to consult an experienced patent attorney who can assist you in drafting and negotiating contracts. A good attorney will ensure that your interests are adequately represented and that all legal requirements are met.
In summary, both selling and licensing your patent are good ways to profit from your invention. It is important to carefully consider which option best suits your goals and needs, and to seek professional assistance in a timely manner to successfully navigate the process.
I hope this information has been helpful to you and I am available for any further questions or personal consultation.
Best regards,
Günther Schenkenberg
Patent Attorney
