Will an invention make money? Watch this video to find out.
Invention Video – “Will my patent make me a millionaire?”
Read the transcript.
Just filing a patent application is not going to make you a millionaire overnight. Just having an idea – even having built something – is not going to make you a millionaire overnight.
People come to me all the time and they say “if I file this patent application – I’m going to get rich.” Well you might. But you might not. It most likely won’t be just because you filed a patent application. Just because you have a patent issued, your phone is not going to start ringing with companies asking to buy rights to your product. It might, but that’s rare. Right now, I think there are close to 9 million patents that have been issued by the US Patent Office, and a lot of those were never even made, never saw the store shelves, and never made anybody rich.
I don’t want to discourage you from pursuing your idea or getting a patent. I think it’s great that people are innovative coming up with new ideas. That’s why I always see new products on the store shelves.
Take a look at this article about nine (9) patents that earned millions for the inventors.
But sometimes, products are a complete flop. At least those are in the store.
Just filing a patent application for an invention is not a marketing strategy.
Filing a patent application is a way to protect the invention – not a marketing strategy.
A patent can protect an invention, so that once the product hits the marketplace, no one else can make, use, or sell the invention without coming to the patent owner for a license.
Another common, and related question I get is “can you help me sell my idea, or take my idea to companies?” The answer is no. Maybe some patent attorneys can, or maybe some patent law firms work with marketing agencies that can help sell a patented invention. My law firm does not buy or sell patents. Most patent attorneys do not sell inventions. Most patent attorneys are good at what they do, and that’s writing patent applications and working with the Patent Office Examiner to get the patent to issue. We work with innovators to help prepare, write, and file patent applications. But we don’t pick up the phone and try to find buyers or companies interested in the invention. It’s going to be up to you. Or you’ll want to work with a marketing expert or business person (or investor) to take your product to market.
Just the other day I was visiting with a client of mine that has 3 patent applications filed already. and their hoping to file more patent applications. They have several million dollars invested in the product. But the product still isn’t ready for the mainstream manufacture, and the sales that they do have don’t even come close to their initial investment. This is a start up company that is putting a lot of money into it. They have a lot of financial backing. They’re getting investors. They’ve been working on this for several years. They filed several patent applications. Did their patents make them rich? No – not yet at least. Maybe someday. Even they say, this may or may not work.
I hope this answers your question – will your invention make you rich? Maybe. Maybe not.