Steps to Monetize Your Invention

When you come up with what you believe is a million-dollar invention, you might begin seeing dollar signs in your imagination right away. Unfortunately, there are several things you need to do before those dollar signs become a reality. The following are some basic steps to monetize your invention whenever possible. You should also never hesitate to discuss the matter with an invention attorney who can provide more detailed and tailored guidance.

The following are some steps you can take to monetize your idea.

Determine if Your Invention is Patentable – You might think you have an original and novel idea when, in reality, someone already has a patent for the same – or highly similar – design. An attorney can review whether your invention meets the legal standards of patentability.

Apply for a Patent – Preparing and filing an application for a patent is complicated and technical, and it is best to have legal assistance. You also need to decide whether you want to first apply for a provisional patent, or if you want to go straight to a full patent application.

Shop Your Invention (if Needed) – If you do not have the ability to produce your invention with your own resources, you might need to meet with investors and others who might help you produce and sell the product.

Enforce Your Patent – Patents do not enforce themselves. Instead, you need to be proactive in preventing when others might be infringing on your patent. Further, you should never give another party the authority to use your design without a proper licensing agreement in place.

Learn More from an Orlando Invention Attorney

At Daniel Law Offices, P.A., we help inventors protect and monetize their ideas, and we can assist with the entire intellectual property process. Call 866.377.2836 or contact us online to speak with an Orlando patent lawyer today.