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