Patent Pending – What do I do with my patent?

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“Do i do with my patent got a great question from a youtube viewer dejan. Dejan. Who wrote in basically saying that it s that i have a patent. I oblivious to everything else of what do i do with my business.

Do i need a business number do i get some guidance and mentoring. What do i do having a patent is great. But it doesn t mean anything unless you can go out and sell it to a business or licensed. It to a business that can use it tons of people have patents are tons of inventors who just sit on their patents.

And they get nothing from them..

Because they can t market. It i remember going to a young inventors presentation and the speaker was talking about how those his toothbrush and the toothbrush could pop toothpaste inside the toothbrush and you press the button and the toothpaste comes up into the brush and you can start brushing your teeth right away. So. It s a toothbrush and toothpaste all in one.

And there were hundreds of different designs for this toothbrush hundreds of different patents and how many have you actually seen on the market. None. I ve never seen a toothbrush cell that had toothpaste in the handle. And so my point is there s tons of these junk patents that are out there that never see commercialization and as a result.

The inventors don t make any money right you spend all your time effort..

Dollars create an invention. Then going out and getting a patent as a next step patents aren t free they cost money to create and they cost money to support every year. And the only reason for doing that really is if you can find a way to sell this thing. If you have zero experience in business.

If you don t even know if you need a business number or not my my best advice for you is to try to find somebody who can mentor you who s done this before who s taking an invention somewhere ideally related to your target market selling something similar to what you re selling and let them know what you re all about and try to ask for their advice. This is one thing that i did when i started my software company and we ended up getting patents for the software. And some of the best advice came to us through other software developers and a guy who had sold his business for a couple hundred and millions of dollars and he was looking over a business plan and and just tore it apart and i would never have gotten that feedback myself right i thought i had a great plan and i went to have coffee with him and he sat down and just tore it apart and that kind of guidance is super helpful and how i found that guy was just my dentist. You know dentists are angel investors.

And i mention when i was working on and he connected me to this other inventor you ll find if you are genuine and you are willing to listen the people will help you out if you approach them don t go to somebody..

And say i want you to be my mentor. Because that implies a long term hands on detailed relationship and who knows what they even like you at your product or not just start by asking if you could pick their brain for 15 minutes. If they live somewhere close to you then ask if you can buy them coffee. If not if they re somewhere further away.

Then see if you can set up a phone call. But be passionate with what you re trying to create show that you ve made something that you feel can really have a positive impact on this world and reach out to them because yes. You re gonna need a business. Number.

And you re gonna need way more than that if you want to have success with this invention..

And you re going to need help and guidance to move you along the way so it really focused a lot of my time. And trying to find an inventor who s done this before if you don t have an interest in building a business. But you want to license or sell your your patent and your invention find someone who s done it before connect with them learn from them and have them help guide you towards monetizing your idea. Believe those you watching you like the video.

Please get our thumbs up below. And i went here we had to think leave a comment underneath let me know what you think leave leave your feedback you have a question for your business put it below on mcghee video response. Thank you so much and i ll see you soon ” ..


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