How much money can I make by patenting my invention?
This is the most important question each inventor or researcher has in mind when deciding about going for patent, after all monetize research and development efforts and enjoying monopoly in return of disclosing the invention to the public is the base of patent system. And the commerce part of it that is monetizing patent obviously plays an important role in decision.
It has been common conception that once you have an idea worth patenting, the first thing to do is filing patent application. However this might not be good thing to do. The patents are as valuable as they are worth in commercial use. In other words,
And this all has to be though through before taking financial decisions and filing patent application. A patent rarely has any value if the commercial worth of the product or technology cannot be demonstrated and exploited !!!
This has been the reason for failure for many patentable inventions as the inventor of the patented invention was unable to exploit them commercially.
In general there 2 ways you can earn money from patent: Licensing (royalty payments) Selling the patent
Licensing (royalty payments)
Selling the patent
Done right, the commercialization of in demand patent can bring substantial money to the patent owner. The general approach is to start with a problem, bring solution to the problem by research and development (invention), protect the solution by patents and Make money from the solution by licensing or selling it
start with a problem,
bring solution to the problem by research and development (invention),
protect the solution by patents and
Make money from the solution by licensing or selling it
You may also read more information on complete patent procedure and costs here.