Translating Ideas Into Economic Reward

AuthorJoseph P. Kennedy/Wayne H. Watkins/Elyse N. Ball (With)
ProfessionDistinguished Professor of Polymer Science and Chemistry at The University of Akron/Associate Vice President for Research at The University of Akron/Project Manager for the University of Akron Research Foundation
Pages102-115
CHAPTER 11
TRANSLATING IDEAS INTO
ECONOMIC REWARD
A patent can be a valuable economic asset for bringing new technology
to market. Conversely, it can also be a phenomenal waste of money if the
patented invention has little commercial potential. The first sections below
discuss key points to consider before patenting an invention: determining the
cost of patenting, assessing whether an invention has commercial potential,
and protecting an invention even before a patent issues. Subsequently, we
discuss technology marketing strategies, as well as turning knowledge into
wealth (i.e., turning a patent into money) by selling, licensing, or creating a
new company. We also introduce you to the principles of patent valuation,
which is estimating the value of a patent.
11.1. THE COSTS OF PATENTING
The cost of drafting, filing, and prosecuting a patent typically ranges from
$5000 to $15,000, depending upon the complexity of the patent applica-
tion, according to IP Watchdog, an online news magazine about intellectual
property. The major costs of filing a patent application include the cost of
having a patent attorney or agent to draft the claims, and the application fee.
How to Invent and Protect Your Invention: A Guide to Patents for Scientists and Engineers,
First Edition. Joseph P. Kennedy and Wayne H. Watkins with Elyse N. Ball.
© 2012 John Wiley & Sons, Inc. Published 2012 by John Wiley & Sons, Inc.
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