Selling a patent

[TheFarmerInAdell]

Anyone have any experience selling a patent? My father (who unfortunately passed away while we were waiting for the patent to be issued) and I have a patent that is doing no good just sitting around. It's a special tailgate for pick-up trucks so I would like to sell to OEM. Aftermarket is a secondary option.

If someone has a good connection in the automotive industry it would be much appreciated.

 

[Reb954]

I have licensed one of my patents but that license has lapsed.

I don't know how the auto industry works, if they license patents or just wait until the owner of the patent lets it lapse or it expires. I would imagine they already know about the patent as I am sure they have people that watch for any related patents being issued so they can keep up on what the other auto manufacturers are doing.

I would suggest contacting a couple different companies first, ask who handles licensing of patents and what their review process is. Then decide which way to go with it. My experience is that most companies within an industry will handle patent licensing pretty much the same so there isn't much need in contacting all of them until you have an idea of how to handle the process.

 

[Diggin It]

so I would like to sell to OEM.

May I introduce you to Robert Kearns?

Robert Kearns - Wikipedia

 

[TheFarmerInAdell]

May I introduce you to Robert Kearns?

Robert Kearns - Wikipedia

And that is what I'm trying to avoid. Ford and GM have a submission form, but who knows the security of that. If I could find a connection inside the company it would hopefully be a better chance.

 

[Stimw]

Before you get too excited google Philo Farnsworth. Who is he?
Invented the TV and never made a dime.
Guy that invented delay wipers took years suing auto industry over infringement.

 

[dstig1]

I work for a Fortune 500 company that deals with this process (outside inventors) regularly, though not an Automotive co. Things are a bit different than they were 40+ years ago when the intermittent wiper case happened... Most big companies now are scared to death of getting sued and dragging out legal proceedings over something that may not even be that useful to them, so they are much more careful now. The submission form you describe is how it works for us. If you contacted me directly, I would point you to the form as we have been very clearly instructed to not listen to any outside ideas like this directly. The company does not want any legal or potential legal encumbrances to ideas. The first thing the form will ask you is if it is patented yet. If not, it strongly suggests that you at least apply for a patent prior to sending us anything technical so that, once again, there is no question of who did what and who owns what. once you fill out that form with some details on what it is, your patent number, etc, it gets reviewed and routed to potentially interested divisions, so you want to be clear what industries/products/markets it might apply to. I've been involved in reviewing a couple external ideas that were sent to us via this system (though it was several years ago), so they do take it seriously at our company and follow up. Once they have collected replies from all internal parties, they will send a response to the inventor. Something along the lines of "we would like to talk more" or "thanks but no thanks". I do not know all their possible responses, but I'm sure it is in that range.

One thing to keep in mind is that if you are trying to invent something in an area that one or more companies have been working in for years (or decades in the auto makers case) then there is a pretty good chance that they have already thought about it or something similar, tried it, or abandoned it, etc. Just because you ran a patent search and got a patent issued doesn't mean there isn't something out there that could nullify it. Patent searches are by nature limited in scope so it is entirely possible to miss something even with a thorough search. And when you are dealing with an expert in the field they will probably recall what that item was and know how to find it. A company isn't likely to pay for rights to a patent if either they think they already have it covered in their patents or there is other prior art covering it that they are aware of (could be competitors/suppliers existing patents or expired ones). And in the end, a patent is only worth something if you can defend it, and that costs big bucks. It is a tough game to play at.

The best thing you have going for you is you already have a patent. That means the initial big expense is behind you. I'd start filling out those forms at the OEMs and Major Tier 1 suppliers that make sense and see what happens. Won't cost you anything but time at this point.

My $0.02 from my experience.

-Dave

 

[Renze]

Many patents are so specific that its easy tho make something that does the same but does not fit the exact description.

Patents are only useful for those with the money to pay the annual fee.

The Fidget spinner was patented, but the inventor couldnt afford the annual fee and let it expire. Shortly after, the toys became a huge rage and it made the big guys rich while the patent holder got nothing.

 

[BHD]

it also depends on if the idea that is patented is a good or wanted idea,

I have looked up a lot of patented ideas over time, and some are an interesting idea but not a practical idea, so one will have to find a manufacture or a company that has a desire to produce and market your product or add the idea to there line of products,

 

[Renze]

Before you get too excited google Philo Farnsworth. Who is he?
Invented the TV and never made a dime.
Guy that invented delay wipers took years suing auto industry over infringement.

I thought Lucas Ltd invented the intermittent wiper... and the intermittent alternator... all useless inventions.

 

[kirkawilson]

Here is some good reading, if you are seeking help from others. I know of no 'easy' way to sell a patent. Reputable patent brokers can sometimes be helpful. You might also connect with a local inventors club and get some ideas.
UIA Inventor Clubs
Scam Prevention | USPTO

 

[adventure bob]

Is it a utility or design patent? When does it expire? Have you actually used the patent for a product? If you are near expiration the value is less and less the closer you get. If you have never developed a product against the patent the value is less. If you don't actually have people inquiring about procurement or licensing the patent its worth less. Basically if your trying to sell the patent vice people trying to buy or license it, you have the value.

 

[TheFarmerInAdell]

It is a utility patent. It was just issued about a month ago. We built a prototype, but no fully functional production model. I'm trying to be proactive in getting it sold instead of waiting for someone to inquire about it.

 

[tractorgp]

Have you had any luck finding a buyer for your invention? I know that it is a rough road coming up with an idea and going through the expense of patenting it. I've been there a few times and know what it's like.

An inventor is not necessarily a business person and that doesn't help.

Ultimately your claim to fame might well be that you are the inventor of the idea... even though it might have cost you a lot of money, time, and frustration.

What I like about the current modern means of revealing your idea is that it costs you nothing but at least you will have a form of proof that you are the original inventor...that is what is most important to most inventors (once the idea of becoming rich is behind you).

Sites like TBN Youtube and Facebook are a great to help put your idea out there and to see what people think of it...no money but it will at least show the date that you presented your idea to the world.

 

[TractorGuy]

I thought Lucas Ltd invented the intermittent wiper... and the intermittent alternator... all useless inventions. ��

:laughing: The parts found falling off this car are of the finest English craftsmanship! The reason MGs had wire wheels was so you would have a lead hammer to get the fuel pump started! Etc etc etc :laughing:

 

[TheFarmerInAdell]

I have not found a buyer yet. I have a relative working on it. Apparently she "knows people" and is quite aggressive. We'll see where it goes. Patenting it wasn't necessarily my idea. My dad put up the funds to do it, and now that it is done it's time to see if I can make the money back. Unfortunately my dad passed away before the patent was actually issued so he never got to see it.

 

[sdquick]

It is a hard road. Patent law is a bit of black art more than logical process. Often the best patent lawyers can invalidate a patent or get around infringement. Also, as it has been stated, most companies that come up with their own intellectual property (i.e. auto companies), do not want to even see other patents as they often are very close to ongoing work and they do not want any litigation fights.

 

[bmaverick]

DO NOT sell to the OEs auto manufactures. You will loose in the end. To many famous examples to list. HOWEVER, find companies that supply to the OEs. Namely Tier-1 suppliers. That is where the money is.

ALSO, try NOT to sell the patent. Work with a patent leasing agency or group. This way, a good group will be a legal protection for your patent idea. Now, the Tier-1's or the OE would take notice once the idea is utilized in a product. The brain-child of Stow-n-Go seating wasn't born over night either. Rather it had it's history as a rumble seat or the odd seat in the back of pre-1980 station wagons. The patent novelty of the Stow-n-Go was the pop-up like chair on support legs and the smooth level action of folding that older technology folding seats didn't have.

With all that said, your search will take time to find a reliable firm. Sure, like anything, it does cost money to make money. I've been on both sides.

Now, with that said, new USPTO patents are only good for 17 years as long as the renewal payments are kept up. Patents use to be 50 years and with no frequent renewals. Should your patent reach 12 to 14 years of age, the Tier-1's and OE's are already at work implementing your patent into their products ready to roll it out the month AFTER it expires on the 17th year.

Like I said, I've been on both sides, sadly. In the course of my career, 3 patents ideas were literally stolen from under me and my co-inventors by greedy managers or prying eyes. It would have put my total near 20 and 8 globally. 2 patents of mine are used by people every single day. Those the ones I'm more happy about.

MY mentor ... Stanford R. Ovshinsky - Wikipedia He is known as the greatest inventory in North America since the days of Edison. Without him, there would be no DVD/CD writers/players, no flat screen monitors/TVs, no flexible solar panels (and a cheaper way to make them and get more energy), no cell phones because his battery patents got it to the size to fit in your hand, and the main inventor of NiMh batteries! Like Edison, he had no formal College or university training/schooling. He did it all himself to read, experiment and understand! Stanford will be missed greatly.

 

[jmc]

MY mentor ... Stanford R. Ovshinsky - Wikipedia He is known as the greatest inventory in North America since the days of Edison. Without him, there would be no DVD/CD writers/players, no flat screen monitors/TVs, no flexible solar panels (and a cheaper way to make them and get more energy), no cell phones because his battery patents got it to the size to fit in your hand, and the main inventor of NiMh batteries! Like Edison, he had no formal College or university training/schooling. He did it all himself to read, experiment and understand! Stanford will be missed greatly.

bmaverick, I remember Mr. Ovshinsky from tv appearances, including an appearance on one of Alan Alda's Science series. The overlap of your two respective careers would be an interesting thread.

 

[TheFarmerInAdell]

Are there any specific patent leasing agencies you suggest working with or not working with?

 

[CincyFlyer]

Many patents are so specific that its easy tho make something that does the same but does not fit the exact description.

Patents are only useful for those with the money to pay the annual fee.

The Fidget spinner was patented, but the inventor couldnt afford the annual fee and let it expire. Shortly after, the toys became a huge rage and it made the big guys rich while the patent holder got nothing.

Patents are for implementations of an idea, not the idea itself, thus multiple ways to skin a cat are severally eligible for a patent.