When an idea is discovered, many dreams and hopes of building innovative products and successful businesses are also born. As an inventor, you believe that you have achieved something great and your idea will help solve many problems in daily life. But what if you find out that the idea is already patented? It feels like you are hit by a brick wall, and all your money and efforts are wasted. What to do now? But do not worry! You still have many IP monetization options that I have tried to cover in this article.
First, do as much research as you can on your idea, identify all the patents related to it, and check how many are active now. This is because most of the inventors and big corporations only focus on getting patents but they don’t know the proper commercialization strategy. Some of them try, but fail. As a result, they end up abandoning their patents. There is a good example of this below:
Catherine Hettinger invented a small toy for her daughter 2 decades ago and obtained a patent for it. She took her idea to many toy manufacturers, but she was unable to find a marketing partner. As a result, she abandoned her patent. Later, the idea was picked up by many Chinese companies, which developed its modern versions and made a lot of money. The product name is “Fidget Spinner”, which became popular among children and even adults in 2017. You may have heard of it.
What if your idea has active patents? You still don’t have to worry. Check the IP protection area, and there may be two scenarios:
1. The idea has active patents in a foreign country/region
A patent is a territorial law applicable in the country/region in which it is granted. If you find patents on your idea in a foreign country/region only, you can use your technologies, create a go-to-market strategy, manufacture, market and distribute products in your country/region. But, when patent holders extend the protection areas to your region, you have to license the family of patents you are using.
2. Idea has active patents in your country/region
If you found out that there are active patents for your idea in your country/region, don’t give up! You still have chances to use your idea. It may be that your idea has some advanced features, which are absent in the proprietary ones. It may be that the patents don’t reach the market you want to target or that the inventors tried but failed. Therefore, you can turn those unused patents into successful products using an exclusive IP strategy.
Do a thorough study on all the elements of your idea and the different segments and verticals of patent claims. If you get some unique items, do some market research, develop them further and file the IP application.
What if the patents are successful and the inventors are selling products? That still doesn’t stop you. Take a deep dive into the products and technologies behind them, and see what extra features you can add. Prepare models of modified versions of products, schedule meetings with inventors, and you may have the opportunity to be part of successful businesses.
