Great idea! Where do you go from here? PSG can help you map out your best strategy based on research, expertise, and a multidisciplined approach.
At PSG, our partners are experts in their fields and they know that most potentially patentable ideas need some tweaking to hit the right market, be licensable and have value when the patent is granted. We also know that is rare to have a truly unique invention.
Surprisingly, our consultant’s most valuable advice might be helping you determine if your idea needs a patent at all. Many do not. Since only a small percentage of patents have monetary value to the owner, a PSG analyst can help you weigh options before you commit to the time and expense of the patent process.
Speaking of expenses, we have found that many clients are mistaken when they budget for patent filings, believing that is the most costly and difficult stage of monetizing their idea. Wrong!
Our experts have seen that the biggest and most expensive part of this process is what to do after you receive the patent. PSG can help you develop strategy as you navigate these steps and more:
- Identifying optimal buyers
- Identifying and contacting the appropriate person in these companies
- Determining how and in what order you should approach these companies
- Building buyer appropriate prototypes
- Legal help with the contract
- Determining a reasonable royalty or price
- Negotiating with potential buyers or licensees