In this episode of “Invent Anything”, John Cronin guides us through the process of selling a patent. The episode is divided into six topics.
Topic 1: The Basics
We start with the basics, where John highlights how patents can underscore the innovative qualities of a product or technology. He further explains how these traits can be used to gain a competitive advantage and secure agreements or partnerships.
Topic 2: Patent Citations
The discussion then progresses to patent citations. John deconstructs the complexities of citation dates, numbers, and their relevance, advising listeners on how to identify potential buyers from citations and how to use them to enhance the selling process.
Topic 3: Press Releases
In the third segment, we explore the often-underrated tool of press releases. John talks about how a well-structured press release can bring to light the value of your patents, tying it into the broader narrative and employing third-party professionals for an effective reach.
Topic 4: Patent Valuation
Next, John delves into patent valuations, stressing the significance of understanding your patent’s value before stepping into the market. He shares an intriguing case study and discusses potential buyers, royalty rates, and the time and effort involved in the selling process.
Topic 5: Trojan Horses
The fifth segment introduces us to the concept of “Trojan horses”. John unveils various tactics to bypass gatekeepers, such as mergers and acquisitions, joint ventures, partnerships, and prototype development. He suggests enlisting expert help to leverage these strategies effectively.
Topic 6: Selling to Large Companies
Finally, the episode concludes with an in-depth look at selling to large companies. John outlines the importance of establishing the right hooks – product, patent, and internal messaging – and building strong relationships to facilitate the sale. He provides insights into the negotiation process, empowering listeners to sell from a position of strength.
From start to end, John Cronin ensures a comprehensive, educational, and practical approach to selling your patent in this first part of a two-part series.