There are approximately 288,335 patents issued every year in the United States. And unless a patent holder is someone who can repeatedly and continuously come up with ideas to patent, there is another way that they can earn money through their patents.
The answer is turning from a patent holder to business owner.
So, how do you turn a patent into a business? Learn the simple steps you can take to go from being a patent holder to founding a business in this guide.
1. Bring Your Patent To Life
Bringing your patent to life through business is not an easy process. Building a company to realize your patent into a fully-fledged product is called venturing.
You’re going to need a plan for your new venture. You’ve got the patent and you’ve got the product, but now you need to create a business.
Creating a business, whether for a service or a patent, remains the same.
You’re going to need a team to lead you to success. Start looking for people who are great in their field, you’ll need an investor, marketer, salesperson, and accountant.
Once you have a patent, the next step is to work on getting a prototype. Not a lot of people will be able to buy into the idea of a product if you can’t show them a physical idea.
Having a prototype can come in many forms. You may consider 3D rendering as an option, to begin with.
Once you’ve got a 3D rendering, you can approach manufacturers to assist in creating your first level prototype in the flesh. This is what you’ll use to approach would-be investors and get your business dreams off the ground.
3. Have S.M.A.R.T Goals
These five words need to be prevalent in every stage of your plan. Your business goals need to have all five of these characteristics. You can’t hope to start a business from the ground up unless you’re realistic.
Make sure that the goals you have in place have a timeline. Tell yourself within a year where you hope to be. And then within two years.
You have to have business-based milestones in place to know whether you’re heading for success.
4. Decide on What Type of Business
There are many different types of businesses you can decide to open. You may be looking into opening a sole proprietor, or you have a partner you can establish a partnership with.
In another case, you may have a full-time job keeping you busy, in which case you could potentially look into creating a freelance business.
You need to do your research into the costs of establishing each type of business, and the requirements involved, to make sure that you’re able to tick all the boxes and operate correctly from the get-go.
5. Aggressive Marketing
If there’s one thing you can be sure of, people are generally reluctant to accept new things or change. So be prepared to launch an aggressive marketing campaign in order to find your investors.
Think about the presentation you’ll show them. Don’t give them a presentation that shows your awesome patent. Give them a presentation that shows them an amazing patent with the solid business you’ll be building alongside it.
Patent Holder to Businessman
Going from a patent holder to an entrepreneur is not going to be an easy road. If it were easy, many would take the route.
Stick to the goals, make sure your business plan is well-researched and actionable and you won’t look back.
If you believe in your patent and your business, then everyone on your team and your target market will too.
Have a look at our resources on everything patent-related if you have further questions that need answering.