Commercializing and realizing a profit from an idea is a difficult objective to achieve. An idea may be profitable if it provides a benefit to a customer and the customer is willing to pay for the solution. In our experience a person is most likely to succeed if that person: i) is an expert in the domain of the idea, ii) has an existing business operating in the domain, and iii) has relationships with potential customers.
A profit may still be made if some or all of the above factors are missing, but the chance of success decreases because of the additional hurdles that must be cleared.
Generally, a profit can be made from IP by: i) operating a business that provides a service or product to customers; or ii) licensing or selling a right to a business to permit that business to provide the service or product to customers.
Operating a business is a high risk, high reward scenario relative to licensing. However, licensing can provide a steady income stream with little to no ongoing maintenance. Nissen Patent Law is experienced in advising clients who travel down either path, and we provide negotiation, drafting, and review of contracts related to IP as needed in both scenarios.