The True Cost of Your Patent

November 13, 20140 Comments

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

 

patentcosts4It’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 first 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 now rejects about 65% of all patent applications.

Then there’s the cost of IP litigation, estimated at $4.5 million dollars in attorney’s fees as well as the costs associated with financial compliance regulations such as Sarbanes Oxley.

The first and most important action is to learn the path others are using for success with their patent. You have two options for taking action with your Patent – make and sell it yourself or license it. Licensing rights to your patent for cash is a faster, simpler, less-expensive (and risky) route than making and selling it yourself.

Free E-Course: The Licensing Mindset – How to Think Like an IP Entrepreneur

During this e-course, you’ll hear how Mrs. Fields, Bill Gates, Dale Carnegie, Google, and others used licensing to transform their intellect property into business fortunes. You’ll also learn why licensing is a creative process limited only by your imagination and willingness to collaborate with others to discover what you can do with it.

Click here to sign up for this e-course.

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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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