Is Your Patent Costing You Hundreds of Thousands of Dollars?

September 3, 20150 Comments

Not taking action with your patent will cost you over $250,000. And that’s not counting the cost of lost revenue opportunities or litigating any infringement.

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It’s estimated that the average cost over the course of the 20-year life span of a single patent is about $100,000.00 – or roughly $5,000 per year in maintenance fees. And that doesn’t begin to cover the initial investment, which on average is about $150,000.00 to develop a single patentable invention. That’s due in part because the U.S. patent office currently rejects about 65% of all patent applications.

Then there’s the cost of IP litigation. According to a cost study conducted by the American Intellectual Property Law Association, the average inclusive litigation costs for a patent infringement suit range between $767,000 and $2,645,000.

The most important thing you can do with your patent is take action. If you don’t do something with it, nothing will happen. Licensing puts your patent in motion. Your action focuses your time (and money) on finding a company with the expertise and resources to bring your patent into the commercial market. In effect you are plugging into a company that is already in motion in the marketplace.

An established licensing partner already has the capital, personnel and marketing systems in place. They fill gaps in your business and make up for insufficient resources.
Licensing is a faster way to commercialize your patent in the marketplace. You can license your patent in months as opposed to the 18 months to 2 years it takes to setup and launch a new business.

Licensing is also a lower risk strategy. You’ll avoid some of the most common pitfalls when trying to commercialize your patent including running out of money, lack of the necessary skills such as production and marketing, or wasting a lot of time and money executing the wrong strategy.

Licensing let’s you harness the expertise, capabilities and resources of a licensing partner. It’s a low risk strategy to launch your new product or technology into the market with the best possible chance for commercial success.

Free e-Course: 7 Ways to Build Your Business with Licensing.

Your business IP is a revenue generating asset. Yet it’s an asset you may not be using to its full revenue potential. During this e-course, you’ll learn about 7 ways you can use licensing to get the most out of your business IP. You learn how to use it to launch new products, create revenues, get financing, start a new business, stand out from the competition and much more.

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About the Author ()

Rand is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

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