What Is Patent Pending?
Filing a patent application is a significant step, but the process of securing full patent rights takes time. During this period, while the patent is pending, inventors often ask: How can I start making money now? The good news is that despite the uncertainty, there are several ways to generate revenue while waiting for patent approval.
The Challenge of Monetizing an Unissued Patent
The biggest obstacle to monetizing a patent pending invention is that companies and investors prefer issued patents, which provide concrete legal protection. Without certainty on what claims will be approved, businesses may hesitate to invest in or license a pending patent. Additionally, competitors may be more likely to develop similar products if they know a patent has not yet been issued.
Strategies to Make Money From Invention While Patent is Pending
- Explore Licensing Options: Some businesses may take a risk and license a pending patent, particularly if it fills a market need or complements their existing product line.
- Leverage Strategic Partnerships: Partnering with companies that offer manufacturing or distribution resources can increase your chances of success while reducing costs.
- Use Crowdfunding Platforms: Sites like Kickstarter allow inventors to raise capital and gauge market interest before fully launching their product.
- Sell Prototypes: Producing small product runs can generate income while awaiting a final patent decision, providing valuable user feedback.
- Educational & Speaking Opportunities: Leveraging your expertise in your field through courses or speaking engagements can provide an alternative revenue stream.
How to Protect Your Invention While Patent is Pending
While patent pending status deters some competitors, using NDAs when dealing with third-party manufacturers or developers adds another layer of legal protection. Investors may not sign NDAs, making patent filings your best safeguard. Additionally, considering a provisional patent application before filing a non-provisional can provide additional flexibility in refining your invention.
Final Takeaways
While an issued patent enhances an invention’s value, you don’t have to wait to start monetizing your idea. You should always consult an experienced patent attorney to develop a strategy for monetizing your patent.
By forming strategic partnerships, securing early licensing deals, and testing market demand, you can generate income and set the stage for greater opportunities once your patent is approved. Strategic planning during this phase can lead to greater long-term success.
Have an invention or idea you want to patent? Book a free consultation with our San Francisco-based patent attorney team today.
