It hit you want a huge amount of bricks; the heavens aligned and also you had your eureka moment: you developed a fantastic break through to have a how to invent a product! You threw together a prototype to find out if the concept is acceptable, also it did! You then hopped on Google Patents and commenced searching to find out if someone has patented your idea. You sorted through countless patents and finally found the one that looks nearly the same as your idea. What can you do?!? Fortunately, there exists a good deal that can be done and frequently you could still pursue your idea and succeed, even when another person has patented the concept.
The very first thing you want to do is carefully examine the patent and find out does this patent really describe exactly the same thing my idea does. Or even, or not exactly, you will need to consult a patent lawyer to find out if it is possible to patent surrounding this existing patent and get reasonable protection.
What if a person patented your idea exactly? You would like to verify in the event the product is available. Look online and stores to find out if you'll find it. Otherwise, get in touch with names or company in patent. Inquire further if they're selling their product or if they've got licensed their patent. 97% of patents never make money, so there is truly a good possibility which they aren't selling or haven't licensed this system.
Before we go any further, we have to speak about why 97% of patents never generate income. Large corporations apply for and receive many patents they never want to pursue or aren't certain they will pursue, which is the reason part of this 97%. There's also patent trolls who submit an application for patents to later sue others, which also makes up about point about this number. Nevertheless the main reason that most patents don't earn money is really because it is sometimes complicated to bring a product to advertise. Inventors who don't search for help may have an especially problem since several inventors are really good about coming up with creative new methods for doing things but you are really bad at running a business or learning how to create a sales network. Therefore a patented idea didn't make money, that doesn't suggest the concept is detrimental. Most likely the business behind the thought was run poorly or perhaps the product wasn't formulated and packaged in a way that would excite customers. This will be significant to consider and there's great instance of this below.
So if the inventor or company listed in the patent says they are not selling the merchandise with no other person has licensed the concept, let them know that you might be thinking about licensing the thought from their website. Prior to deciding to consent to anything, be sure you have inked your research. You must learn in the event the market opportunity is large enough to aid the product and if people will have the method is a great choice (if you want assistance with this, we could provide you with Consulting or Invention Evaluations). If the product gets the potential, start licensing negotiations with them. It's impossible to express in a article what terms to work out, because if the idea is nearly able to bring to market, you will have to outlay cash more, in the event the idea is merely on paper, you should outlay cash less.