How To Make Your Patents Earn More Money
Jumpstart Your Patent Monetization Strategy Today
Are you waiting on your patent portfolio to start yielding revenue?
If so, your patent monetization strategy should be reconsidered. Patent assets do not magically make money by themselves – you need to take the right steps to ensure that your patent portfolio is yielding the results you are looking for.
Truth #1 – Patented Technology Is Yours Alone
Owning a portfolio of technology patents gives you the legal right – and business imperative – to defend your intellectual property. You would not leave other business assets to languish or expire without generating their share of revenue, and patents are no exception. The patent owner alone has the legal right to exclude others from using that claimed technology, so be sure to leverage your patent rights for all they’re worth.
Truth #2 – Patent Infringement Steals Your Profits
When your competitors utilize technology covered by your patent claims, they are not just vying for market share – they are wrongly and illegally stealing revenue generated from your patents. Just as you would not let your business assets expire, you also would not let competitors leverage your business assets without permission – or without paying. Technology patents are no different: You need to protect your intellectual property lest competitors trample over your legal rights to exclude others from profiting from your patented technology.
With these two truths in mind, your patent monetization strategy should focus on aggressively asserting your patent rights. After all, competitors are not likely to approach you proactively to use and pay for your technology. Instead, you need to continually focus on reaping the most return from your patent portfolio in any of the following three ways:
- Robust Patent Licensing: While soliciting individual patent infringers for licensing fees might yield some additional revenue, your best bet is to demonstrate Evidence of Use (EoU). EoU mappings illustrate and document how your competitor is leveraging your technology patent to generate a profit. A solid EoU is extremely valuable at the negotiating table and paves the way for potential patent litigation if a deal cannot be made with your alleged infringer.
- Patent Litigation: In a perfect world, potential infringers would identify themselves to the patent owners and quickly strike a bargain to license the claimed technology at a reasonable and fair rate. Unfortunately, that is not often the case, and frequently the courts are needed to sort out these issues. Even though it might be more expensive, filing suit against a potentially infringing competitor can be another necessary and valuable method of patent monetization. And, as with any IP suit, make sure you have solid patent litigation support behind your case.
- Trim Weak Patents: Patent monetization is not just about wringing out every patent for what it is worth – you also need to know when a low-performing patent should be pruned from your portfolio. By carefully evaluating and identifying which underperforming patents to shed, you increase the overall profitability of your patent portfolio by eliminating maintenance fees and other associated costs. As always, be careful not to trim any patent without a second, or third, opinion as to potential value in unfamiliar industries and markets.
Your patents will not generate the revenue you are looking for unless you take action – today. When you actively and aggressively manage your intellectual property portfolio, you put your company in the best position for solid and consistent patent monetization returns.
Well-executed patent monetization is a demanding discipline, so you need experienced patent experts to guide your monetization strategy, help broker deals and guide you in building, or trimming, your patent portfolio. Click below to receive this level of professional guidance from the patent experts at TechPats and discover how to make your intellectual property portfolio management more profitable than ever.