New Jersey is home to Thomas Edison, a man who has the second-most patents of anyone in history. If you are looking to follow in his footsteps, a New Jersey patent law attorney at Gearhart Law can help you protect your inventions.
If you are an inventor who has successfully patented a new invention, you have taken the first step in what can be a lucrative endeavor. But how can you turn a good idea into profit?
Commercialization Options
There are several ways that a patent can be commercialized. How you choose to approach it depends on your resources, skills, and plans. Our attorneys will walk you through each of the following options, explaining the benefits and disadvantages in full.
Producing and Selling the Patented Product
The most ambitious option is one where you start a company that manufactures and sells the product. This typically requires a significant amount of starting resources.
Selling the Patent
The quickest way to profit from an innovative invention is to sell all the patent rights to another party. If you have made something truly innovative, this could net you thousands of dollars.
We can also help you negotiate for appropriate compensation when the buyer wants to offer stock or other benefits beyond money as part of the purchase price.
Selling a patent also offers an additional benefit. Patents eventually run out, allowing other parties to legally copy your invention. If you sell the patent, you do not have to deal with eventual copycats or defend your patent against poachers.
Licensing the Patent
This is probably the most attractive option available to most inventors. When you license a patent, you maintain the rights to it while allowing others to manufacture and sell products using your patent.
Licensing contracts have to be carefully worded to ensure you don’t lose control of the invention you created while also ensuring that the licensee can profit off their license. Our legal team has experience creating and implementing licenses that benefit everyone involved.
Protecting Your Patent
Assuming you don’t sell the patent to another party, a major aspect of commercialization is protecting the patent from those who would illegally try to sell knock-offs of your invention.
Stopping Violations Efficiently
We will promptly get court orders to prevent patent violators from manufacturing, selling, or marketing illegal products. Our attorneys have experience with international law and may even be able to stop foreign parties from violating your patent, depending on the circumstances.
Getting Compensation in Court
Stopping another party from infringing on your patent often isn’t enough. We can determine the cost of that infringement and will file a lawsuit to get you compensation.
Typically, these lawsuits never reach a jury verdict. Usually, the other party will agree to settle before the case even sees the inside of a courtroom. Our legal team has decades of experience negotiating for fair settlement offers. This is usually the best result because it gets you compensation quickly and saves you the costs involved in a trial.
Contact Gearhart Law for Help With Commercializing a Patent in New Jersey Immediately
If you have patented something that you think might change the world, you deserve to make money for your invention. Our legal team has helped hundreds of brilliant inventors turn their ideas into cold, hard cash. Contact our law firm today to schedule an appointment with a patent commercialization lawyer in New Jersey.