It’s already patented – What are my options?
In a patent and prior art search you find something very similar to your concept.
Some people may tell you to move onto another idea.
DO NOT stop right there!
Find out the status of the patent.
How old is it?
Have maintenance fees been paid?
No renewal of maintenance fees shows disinterest by the owner.
What part of the product was unique enough to earn the patent? Maybe you could partner with them to make better ones with new technology and materials.
Who currently owns the patent?
Patents are sometimes sold as part of a business or patent portfolio sale and the new owner may be willing to sell or license it because they are not going to be making the product.
Can you speak with them?
Maybe for a fee you can get their permission to market your product, especially if they get a percent of sales.
Did the patent owner ever create a marketable product using the patent? Investigate their sales history.
Where was it sold? What market niche was the product sold into?
Maybe you want to sell the product to a different business category or part of the country.
Maybe you could use the patented part of the product in a product that has a different purpose?
Who were the wholesalers and distributors if the product was on the market
What effort did the wholesalers and dealers put into the marketing, training and selling effort?
Many manufacturer representative firms only sell to a fraction of the dealers in their territory.
And of the ones they do sell to, 80% of the sales come from 20% of the active customers.
Maybe their product is doing very well and your version or accessory would be a great addition to their offering!
Maybe the new owners or manages of the distribution channels are planning to “go in a different direction or to sell the business.
If the patent owner has a whole line of products for the market you want to be in maybe you could just private label their products.
Sell to different retailers who sell to different end user demographic. (Auto repair vs commercial truck repair vs recreational boat repair vs commercial ship repair)
Much more to learn; with many opportunities.
Written by: David Bruce Savage ♦ Founder and leader of Inventor’s Education Forum in Jacksonville Florida
Pointing the way for Inventors and Product Developers with Connections, Resources and Advice
We also support business advisors and IP professionals by being a referral resource to independent inventors.
404 323-8686 ♦ Dave@InventorsEducationForum.org • InventorsEducationForum.org
From my varied work and personal experiences, as well as my leadership of two inventor’s education groups, I provide advice for saving time, money and frustration for inventors, product developers. And I’ll point out the devilish and challenging details that others often avoid sharing.
Whether you are just exploring the viability of your ideas or have products on the market it will be well worth your while to spend some time with me. Dave