How to Make Money on Your Patented Invention
How do you make money on your invention? Well, one important part of that is to get a patent to protect your invention. I'm Rich Beem. I'm a patent attorney in Chicago and I work with inventors who file for patent applications to protect their inventions. And my experience in over 25 years in the field and from empirical observation and study of the history of patents and inventors and inventions leads me to this conclusion. Usually, the best way to make money on a patent is to actually practice the technology that is in your patent. And I'll give you a prime example, Thomas Edison.
Thomas Edison was the inventor on over one thousand US patents. And he never even bothered to work on the technology to make an invention unless he planned to actually practice the technology. He formed businesses around those inventions and those patents. Many of them became huge successes, including huge financial successes.
So the best way to make money on a patent, the best way to make money on an invention, I should say, is to patent it. And the best way to make money on a patent is to actually practice the invention yourself. How does the patent help you to make money? It's because when you get a patent, it gives you the right to exclude others from practicing the invention for 20 years of filing. What that means is that you can charge a fair price for your patented products, and you can make a fair profit. And that's what patents are really about. They're about giving you an incentive and a reward for the technology, for the inventions that you have made.
When you have an invention that you would like to profit from and you want to patent it, that's what I do. I patent inventions for inventors like you. Call me at 312-201-0011. Thank you.
