Inventors Insider Club

by: C. B. Elliott
www.inventorsinsiderclub.com

Typically, the number one reason people conduct patent
searches and read patent documents is to see if an
invention idea has already been patented by someone else.
They totally ignore possible hidden treasures that may also
be found in previously issued patent documents.

If you have an idea for an invention then you are
probability someone that thinks outside of the box. Why
stop there?  Don’t limit yourself to thinking outside of
the box only when inventing.  Thinking outside of the box
when deciding how to utilize information found in previous
patent documents can increase the chances of success with
your own invention as well as create other possible ways of
making money.  Here I am going to show you creative ways to
utilize information found in previously issued patent
documents including ways that could turn some information
into gold.  I will not, however, show you every way
possible way you can use the information in patent
documents.  You may come up with new ways yourself that
have never been thought of before.  Let’s go ahead and take
a look at four possible ways to use information found in
previously issued patent documents.

1) If you looking for a patent attorney or agent to help
you with the patenting process, why not take down the names
and address of law firms or patent agents you find listed
on patent document when conducting a patent search.  If the
address is not given, conduct a google type search with the
information that is listed.  Obviously, just because a firm
may have already handled the patenting of an invention
similar to yours doesn’t necessarily mean they are right
for you.  Do you want to know a good source for finding out
whether you should consider using the same law firm or
patent agent?  How about talking to the inventor listed on
the patent document?  That’s right, call the inventor,
introduce yourself and say, “I’m in the process of getting
a patent on an invention.  I have been looking for a good
reputable agent to help me that will charge a reasonable
amount.  I understand you used so-and-so.  Would you
recommend them?”  In order to locate the contact
information of the inventor use a people search tool such
as www.whitepages.com.  Be aware that sometimes the
inventors listed on the patent document are working on
behalf of a company and was not responsible for hiring the
attorney or agent that handled the patent process.  In this
case, it would not be appropriate to contact the inventor.
These types of arrangements and a possible way of
identifying them are discussed in more detail later.

2) From previous patents you can also compile a list of
assignees that may be interested in licensing your
invention.  The assignee listed on the patent document is a
person or company who was not the inventor, but was issued
ownership or part owner of the patent.  Most patents that
list assignees are ones where the inventor, or inventors
work for a company in the company’s research and
development department.  As part of the employment
contract, the company has ownership rights to any invention
created by the employee.  Patent documents that may involve
this type of arrangement are sometimes easy to spot.  Some
possible signs are when several inventors are listed on the
patent and when the invention is highly technical.
Unfortunately, sometimes it is hard to determine.  If it’s
not obvious, you just have to call and ask.  Even if the
assignee is a company that has a research and development
department, it doesn’t mean that they would not be
interested in licensing your invention.  Since they have
already shown that they are in business with products
similar to yours, they may also be adding your invention to
their product line.  If the assignee is an individual, it’s
hard to determine why there was an assignment.  You’ll
never really know until you call and ask.  Make a list of
assignees and at the right time, don’t be afraid to contact
them. If you do not have a patent, prior to revealing any
information about your invention make sure to protect
yourself by having a non-disclosure or simular type of
protection agreement signed.

3) Believe it or not, the most valuable information you can
find on a patent document is the name and address of the
inventor.  (I’m referring to inventors that work in a
private capacity and not as an employee of a company.)  An
inventor of a product similar to yours can be a gold mine
of information for you.  Most people would be afraid of
contacting the inventor thinking of them as a competitor,
but I tell you, it is worth the risk of getting the phone
hung up on you.  Besides, you would be surprised as to how
friendly most people really are and how willing they will
be to give you advice and share their experiences.  Tap
into the knowledge they gained through their experience.
There will be some people may not want to talk to you, but
I’ll say it again, you’ll never know until you ask!  If you
do decide to contact an inventor remember you are there to
collect information, not give information. If they start
asking questions that you don’t feel confortable answering
simple say something like “I know you’ll undedrstand why I
can’t share that information since I do not have a patent
as yet.”  Most people will understand and not be offended.
You will come across people that failed at being successful
with their invention and will try to discourage you.  This
is where you need to have a thick skin.  Listen to what
they are saying, for they may share information with you
that you really need to consider, but don’t let them steal
your dream simply because they failed.  The reason for
their failure may not apply to you.  By the way, you may be
able to capitalize off their failure.  Read number four
below and you will see what I mean.

4) While doing a patent search, if it is found that someone
else has already received a patent on the idea, the
tendency is for people to stop right there.  However,
finding a previous patent on an invention idea does not
necessarly mean the game is over.  The patent protection
may be alive and kicking, but the inventor’s drive and
enthusiasm may not be. They may have given up trying to
make money off their invention. Let me explain.
Unfortunately, a lot of people think that once they get a
patent on their invention, the money will virtually start
rolling in.  They have associated the idea of owning a
patent as being similar to winning the lottery.  They think
all they have to do is get the patent, contact a few big
companies, license their patent to one, then sit back and
wait on the checks.  When this does not happen, they see
themselves faced with having to run the business.  This
includes paying for the manufacturing and the costs of
marketing to say the least.  Faced with this thought, some
people get discouraged and give up.  There is no telling
how many good inventions already patented are collecting
dust in garages all over America for this very reason.  I’m
talking about inventions that have real potential to make
tons of money if handled correctly.  To help keep this from
happening to you read “Collect Money with Your Invention,
Not Dust” by Jack Lander.  For inventions where the
inventor has given up, would it be possible to buy the
rights to such an invention for little money and market it
yourself?  You bet it would! Some people will be happy to
just get back the cost of their patent.  Others may rather
get a small piece of the pie.  I am talking about a very
small piece.  However, there will be those who would rather
let the ship sink than let someone else make money off their
baby.

Before talking to someone about the rights to their
invention, you need to understand the following:

After receiving utility patents, maintenance fees are
required to be paid in order to keep the patent protection
from expiring.  This is true if the utility patent was
issued on or after December 12, 1980.  Maintenance fees are
due no later than the end of years 4, 8 and 12 from the
date the patent was issued for the patent protection to
remain in force.  Fees can be paid without a surcharge if
paid between 6 months to 1 year prior to the due date.  If
the fee is paid later than 6 months prior to the due date,
a surcharge will be added.  Fees start at $465 and can be
higher.  If the maintenance fee is not paid each time it is
due, the patent protection will lapse and will no longer
be in force.  However, there is a 24 month (2 year)grace
period after the due date in which the maintenance fee can
be paid, along with other re-instatement fees, and the
patent protection will be reinstated.  So, if you find that
your invention has been previously patented or you find
something that looks interesting to you, and you have never
seen it on the market, contact the inventor and find out
what is going on.  Be matter of fact about it.  Tell the
person you may be interested in purchasing their patent
and find out what it would take for them to assign it to
you.  Make sure they know you are a private individual and
not a big company.  You may be surprised as to how many
patents you can pick up.  By the way, I highly recommend
hiring an attorney to check into the status of the patent,
cost of reinstatement, maintanience and other fees, prepare
all contracts and advise on any patents you are interested
in aquiring.  I’m not an attorney and I’m not giving you
any legal or professional advice.

As I stated earlier, these are just a few possible ways
you can utilize information from patent documents.  Don’t
be limited to just the ways that are presented here.  Be
creative.  Find the gold that everyone else is overlooking!

Now get up, get out there and invent something.  I am ready
for you to make my life easier with your invention!

C.B. Elliot
President, Inventors Insider Club

C. B. Elliot is president of the Inventors Insider Club.
Inventors Insider Club interviews successful inventors and
provides access to the recorded interview to its members.
For more information visit www.inventorsinsiderclub.com

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