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So you have an invention and you’ve patented it. Now what? How do you turn this piece of paper into a steady stream of cash? A patent won’t make money for you all by itself. You need to learn how to use it intelligently and correctly.
The most important thing you will need is a good business attorney. You need to hire someone who makes his or her living off of working with patents. Because patent law varies from place to place, make sure you find someone who is local to your area. If you live in Los Angeles, you need to hire one of the many experts in patent law Los Angeles has to offer. You have to make sure that your patent is not infringed upon through civil litigation. Having a patent is the first step, but enforcement is up to you.
To make big money off of your patent, it will also take some innovative and creative thinking from you. This shouldn’t be a problem for you, as an inventor. You have to generate a need for your product, not just for consumers, but for competitors. You have to stay on top of the market by making sure your product is the best, and no one can get around the patent by improving your invention slightly.
Once you have cornered the market you can make money by licensing your patent. There are many resources from which you can learn about patent licensing. Having a good lawyer is an important step.
