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Having A Patent Does Not Mean Success

There is a huge misunderstanding when it comes to having a patent. Inventors think once they get that piece of paper companies will be beating down their door wanting their product. It does not work that way. Talk to most people that get a patent and the first calls or emails they get are from companies wanting them to buy a coffee mug or plaque with their patent embossed on it. Or they want to sell the Inventor services to bring their product to market.

It all comes down to what I have always said “Just because it is patentable does not make it marketable”. It only means you got a patent. What you do with it is what matters. I could possibly patent Edible Sneakers. Would anyone really want to buy them, and would you consider them a mass market item? Would you expect to see them being sold on QVC, HSN or as an ASOTV item? I don’t think so.

Some people are happy to have that piece of paper, so they can say “I have a patent”. Others do not have the necessary business skills and funding to sustain a product long enough for it to get a good foothold in the market to see if it would.

Most Inventors cannot afford to quit their regular job to pursue their venture full time to try and build a business around it. So, they have an issued patent and don’t know what to do next. These are obstacles you needed to consider before you spent the first dime on a patent.

Before you spend any money, you need to understand your options, and which one best fits your situation. Learn as much as you can about building a business around your idea, licensing your idea, your competition and your place within that market, so you are making informed decisions not blind guesses.

In the end it comes down to only the strong willed, well prepared, and very lucky survive.

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