Entrepreneurs, startups, or larger businesses may want to buy patents to increase their standing in their market — it gives them the right to sole ownership, to license, or manufacture the inventions.
If this is the right strategy for you, here are the steps:
Contact the United States Patent and Trademark Office (USPTO) or your local patent office if you don’t know who the patent owner is.
Make sure the patent is free from any legal disputes. You can research this information at the USPTO.
Research thoroughly and ask yourself if the patents you're interested in will increase the value and/or profits of your company.
Determine exactly what rights you want to be included in the purchase.
Contact the inventor and follow up with a letter of interest for purchasing the patent outright or licensing the rights.
To buy a patent with full control, it is necessary to finalize the sale with the patent owner.
Discuss your plans with a patent lawyer.
Execute the agreement and have it notarized.
File the assignment with the USPTO or corresponding patent office.
If you have questions regarding buying a patent, or anything regarding the patent process, contact us.
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