Selling a patent is often the best way for an individual inventor to monetize their invention. Especially when considering that a large majority of patents do not end up generating substantial revenue from actual products they are used to protect. If you can find a buyer who will pay you more than you spent to develop and patent your invention, the best idea is often to take the money and run.

The actual mechanics of selling your patent depend on the type of invention. Reaching out directly to potential buyers can be an effective, if harrowing process. Online services such as PatentAuction.com and IPOfferings could help, or you could recruit the help of a patent brokerage firm. Either way, make sure to approach selling your patent from the point of view of a product developer rather than an inventor: think through all aspects of turning your invention into a product that can make some company money.

This series of short articles is designed to help answer some commonly-asked questions and point readers in the direction of more information. Other articles in the series: Provisional applications, How to get a patent, Patent costs, How to find a patent.