how to make money from a patent so I got
a great question for my YouTube viewers
Franz love you guys who wrote in with
his long comment about wanting to make
money from a patent and big C’s got this
patent and he’s trying to figure out
should I go out and raise money get
investors and build a company to create
this product or should I sell my patent
what’s the best way to make money one of
my advice so here’s the thing okay
typically the best way to make money
from a patent is to license it out so
it’s not to go out and raise a bunch
money and become an entrepreneur and
build this huge business and selling it
is is a potential option but it is a
short term you get one-time cash influx
where it’s better if you can license it
to a company and then every time they
use it they’re using in their production
you get a small piece of the money so
you get royalties coming back to you
every month every week whatever it is
okay that’s typically the best way to do
it
the reason is you have to look at what
your skill sets are okay a lot of people
who aren’t inventors are really great at
inventing that’s what they’re really
really good at that’s what they should
stick to that’s what they that’s where
they get their their most fun and
enjoyment and excitement is from
inventing not from building a huge
company right if you’ve got to go out
and raise millions or hundreds of
millions of dollars to build this
business to leverage the patent that may
not be what you’re interested in that
may not be what your skill set is and
most of the inventors would go and try
to do that they fail because they’re not
excited by that that’s not what they saw
what they want to do they just want to
invent so stick to inventing and find
the company who will pay you every time
they use the patent your life licensing
it out so in this case Franz was saying
that it’s it’s really expensive to make
this product it wouldn’t make sense for
him to do on his own so he’s either got
to raise lots of money or go out and
sell it and what I encourage you to do
is for example so think about say it say
it helps cars okay say it helps cars
with I don’t know what your patent does
but let’s say it helps the car in the
street okay you’re not going to go out
and raise hundreds and millions of
dollars to create your own car company
it’s better to go and license it to the
car companies
every time they use it in the car you
get paid a certain amount now how do you
go out and negotiate one of these deals
with a huge company now you may not have
the connections to do it the best way to
start I found is through connectors and
the two best to look at our lawyers and
accountants the bigger the name brand
the better so an easy way to start is
look at whoever did your patent so
whatever company that you signed up with
hopefully it’s not just down the street
patent broker you know some some patent
lawyer but someone who’s actually from a
bigger company if they’re from a bigger
law firm then there are other
connections in that law firm who have
the in to the company that you need to
talk to so if you’re dealing with a big
law firm and they have a patent you know
patent attorney that you’re dealing with
people at that law firm know the the car
company that you’re trying to sell to
they can make that connection for you
and part of their job as lawyers are not
just to be lawyers it’s to help their
clients and you might be a small client
for them but the car company that’s a
big client for them and they want to
make them happy and they could bring
them a deal that helps improve their
business and make them look good and
gives them more Billings down the road
so look at your law firm first and see
how they might be able to help you the
other is accounting firms so again a lot
of these big accounting firms they have
your client already you just need them
to make the connection for you it can be
a scenario where you’re coming to them
and you could be a potential client for
them as well I’ll be at a small client
but you got to make this deal happen and
they have the contacts to make it happen
for you you just have to convince them
that it’s a good deal right for them to
open up their contact book and make that
introduction for you it has to make them
look good right this is the whole idea
is you’re making them look good you want
them do you want their clients telling
them wow thank you so much for making
this introduction so your invention has
to really work and do a good job and
convincing the accountants and the
lawyers that it will do that will help
them make them want to open up their
books make them open up their kind
get on the phone and set up the meetings
for you so that’s my best advice
don’t try to raise some money to launch
this thing don’t just sell it outright
but try to arrange a licensing agreement
where you’re getting paid every single
time somebody uses your patent belief
usually watching like the video thumbs
up below let me know what you think
leave a comment ask a question below and
click on my face to subscribe to the
channel thank you so much I’ll see you
soon
a great question for my YouTube viewers
Franz love you guys who wrote in with
his long comment about wanting to make
money from a patent and big C’s got this
patent and he’s trying to figure out
should I go out and raise money get
investors and build a company to create
this product or should I sell my patent
what’s the best way to make money one of
my advice so here’s the thing okay
typically the best way to make money
from a patent is to license it out so
it’s not to go out and raise a bunch
money and become an entrepreneur and
build this huge business and selling it
is is a potential option but it is a
short term you get one-time cash influx
where it’s better if you can license it
to a company and then every time they
use it they’re using in their production
you get a small piece of the money so
you get royalties coming back to you
every month every week whatever it is
okay that’s typically the best way to do
it
the reason is you have to look at what
your skill sets are okay a lot of people
who aren’t inventors are really great at
inventing that’s what they’re really
really good at that’s what they should
stick to that’s what they that’s where
they get their their most fun and
enjoyment and excitement is from
inventing not from building a huge
company right if you’ve got to go out
and raise millions or hundreds of
millions of dollars to build this
business to leverage the patent that may
not be what you’re interested in that
may not be what your skill set is and
most of the inventors would go and try
to do that they fail because they’re not
excited by that that’s not what they saw
what they want to do they just want to
invent so stick to inventing and find
the company who will pay you every time
they use the patent your life licensing
it out so in this case Franz was saying
that it’s it’s really expensive to make
this product it wouldn’t make sense for
him to do on his own so he’s either got
to raise lots of money or go out and
sell it and what I encourage you to do
is for example so think about say it say
it helps cars okay say it helps cars
with I don’t know what your patent does
but let’s say it helps the car in the
street okay you’re not going to go out
and raise hundreds and millions of
dollars to create your own car company
it’s better to go and license it to the
car companies
every time they use it in the car you
get paid a certain amount now how do you
go out and negotiate one of these deals
with a huge company now you may not have
the connections to do it the best way to
start I found is through connectors and
the two best to look at our lawyers and
accountants the bigger the name brand
the better so an easy way to start is
look at whoever did your patent so
whatever company that you signed up with
hopefully it’s not just down the street
patent broker you know some some patent
lawyer but someone who’s actually from a
bigger company if they’re from a bigger
law firm then there are other
connections in that law firm who have
the in to the company that you need to
talk to so if you’re dealing with a big
law firm and they have a patent you know
patent attorney that you’re dealing with
people at that law firm know the the car
company that you’re trying to sell to
they can make that connection for you
and part of their job as lawyers are not
just to be lawyers it’s to help their
clients and you might be a small client
for them but the car company that’s a
big client for them and they want to
make them happy and they could bring
them a deal that helps improve their
business and make them look good and
gives them more Billings down the road
so look at your law firm first and see
how they might be able to help you the
other is accounting firms so again a lot
of these big accounting firms they have
your client already you just need them
to make the connection for you it can be
a scenario where you’re coming to them
and you could be a potential client for
them as well I’ll be at a small client
but you got to make this deal happen and
they have the contacts to make it happen
for you you just have to convince them
that it’s a good deal right for them to
open up their contact book and make that
introduction for you it has to make them
look good right this is the whole idea
is you’re making them look good you want
them do you want their clients telling
them wow thank you so much for making
this introduction so your invention has
to really work and do a good job and
convincing the accountants and the
lawyers that it will do that will help
them make them want to open up their
books make them open up their kind
get on the phone and set up the meetings
for you so that’s my best advice
don’t try to raise some money to launch
this thing don’t just sell it outright
but try to arrange a licensing agreement
where you’re getting paid every single
time somebody uses your patent belief
usually watching like the video thumbs
up below let me know what you think
leave a comment ask a question below and
click on my face to subscribe to the
channel thank you so much I’ll see you
soon
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