There are many individuals and businesses that create a product that is valuable enough to justify going through the process of obtaining a formal patent. However, the patent application process and the management needs for these legal protections can be instrumental in allowing individuals to profit from their invention.

Applying For Multinational Patents

Individuals may assume that applying for a patent in their home country will always result in a patent that is enforceable in other countries. However, this is usually not the case, and a person will find that they have to go through the patent application process in every country where they want to protect their invention. This can be an overwhelming task for a person or small business to do on their own. In these situations, a patent management service can be invaluable as they will often have the capabilities to oversee multinational patent application strategies.

Pursuing Violations Of Your Patent Rights

Unfortunately, a patent itself will not be enough to prevent individuals or businesses from attempting to copy your invention. Rather, a patent can give you the legal authority to pursue damages and other penalties for the violation of your patent. A patent management service can be invaluable for both identifying instances where your patent rights have been violated as well as pursuing legal strategies that can help to improve your chances of being able to successfully defend these rights against unscrupulous actors that may seek to illegally profit from your invention.

Managing Licenses For Your Patent

Many individuals may have an excellent product or invention that could be highly profitable, but they may lack the resources needed to be able to manufacture and market these products. This can be an excellent situation for using patent licensing. These licenses can give a business or other entity permission to manufacture your product or to otherwise use your invention. Selling licenses for patents can be extremely lucrative, but they will have to be managed to ensure the terms of the deal are being followed and to arrange for it to be renewed once the license expires. Maximizing your income from these licensing agreements will require having experienced representation during the negotiations for the terms of the license and an aggressive ability to enforce the terms of the license to prevent individuals from attempting to exploit it. Patent management services may be able to oversee all of your licensing agreements to ensure they are being followed and that you are getting revenue from their use while not having to actively oversee the details of these agreements yourself.

Reach out to a patent management service to get started.