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My idea has existing patents. What to do now?

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My idea has existing patents. What to do now?

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Do as much research as you can. Check if your idea is active now because most of the inventors and companies get patents, but abandon their patents later because they don't know how to utilize them. IP licensing is other option, which allows you to develop the technologies further and manufacture innovative products.

Do as much research as you can. Check if your idea is active now because most of the inventors and companies get patents, but abandon their patents later because they don't know how to utilize them. IP licensing is other option, which allows you to develop the technologies further and manufacture innovative products.

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My idea has existing patents. What to do now?

  1. 1. My idea has existing patents What I can do now?
  2. 2. When an idea is discovered, dreams and hopes of building innovative products and successful businesses also born along with.
  3. 3. It feels like you are hit by a wall of bricks when you find existing patents on your idea.
  4. 4. DON’T GIVE UP You still have various options to monetize your idea
  5. 5. Study your idea Do in-depth research on different elements of your idea, and identify the existing patents.
  6. 6. 1. Check if the patents are still active Most of the innovators and businesses get patents, but don’t know the right IP commercialization strategy or have tried, but failed. They end up abandoning their patents. Thus, you can use the inactive patents.
  7. 7. FOR EXAMPLE Catherine Hettinger is the inventor of Fidget Spinner. She obtained patent, but couldn’t find the commercialization partner. As a result, she abandoned her patent. Later, the idea was picked by Chinese manufacturers, and they developed its modern versions.
  8. 8. 2. For active patents, check IP protection area  If patents are protected in foreign country/region A patent is a territorial right applicable in the country/region in which it is granted. If you find patents of your idea in a foreign country/region only, you are free to use the patented technologies, build commercialization strategy, manufacture, market and distribute products in your country/region.
  9. 9. 2. For active patents, check IP protection area  If patents are protected in your country/region Patent Licensing is a kind of permission from the IP holder to use his intellectual property. You can obtain IP license for the existing patents to use them in the way you want. Also, you can further develop them, and bring innovative products in the market.
  10. 10. 3. Do Market Analysis Do a comprehensive study on all the elements of your idea, and different segments and market verticals of the claims of the patents. If you get some unique elements in your idea, develop them further, do IP search and file the application.
  11. 11. Thank You

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