Profit From Your Patent In 30 Days
How Patents Create Profit
Patents can significantly enhance your financial standing in various ways. A well-drafted patent can substantially increase your company’s sale value, as it provides robust protection and adds to your intellectual property portfolio’s worth. Moreover, patents can attract more investment from venture capitalists, who are more inclined to back companies with solid patent protection. This makes your business more appealing at trade shows and in discussions with potential investors. Additionally, patent drawings can serve as compelling marketing tools, while the patent itself acts as a deterrent against competitors. Patents can even be sold to aggregators, who may incorporate them into larger portfolios for litigation, providing instant financial gain.
However, there’s another innovative way to profit from your patent within just 30 days: Amazon’s Neutral Patent Evaluation Program. This program offers a streamlined process for resolving patent disputes, leading to swift monetary compensation.
Amazon's Neutral Patent Evaluation Program
Amazon's Neutral Patent Evaluation Program (NPEP) is designed to resolve patent disputes efficiently and fairly. Under this program, if a patent holder’s patent is being challenged on Amazon's platform, they can request an evaluation by a neutral third-party expert. This expert assesses the validity of the patent and provides an impartial opinion. The goal is to expedite the resolution process, reducing the time and cost associated with traditional litigation. By participating in NPEP, patent holders can swiftly address potential infringements or challenges, ensuring their patents are enforced effectively and potentially securing financial compensation or legal remedies.
The Key: This is a small cost for you, and can instantly pressure competitors into licensing your patent so that you can profit right away rather than engaging in lengthy litigation.
1. Select ASINs
Amazon Standard Identification Numbers (ASINs), are unique identifiers assigned to each product listed on Amazon’s marketplace. To leverage Amazon’s Neutral Patent Evaluation Program (NPEP), you first need to identify which ASINs are infringing on your patent.
Begin by conducting a thorough search of Amazon’s product listings using keywords related to your patent. Look for products that seem to overlap with the features or technologies protected by your patent. You can use tools like Amazon’s search filters or third-party patent monitoring services to help identify potential infringers.
Once you’ve pinpointed the infringing ASINs, you can include them in your NPEP request. You can select up to 50 ASINs per NPEP request. This allows you to address multiple infringing listings simultaneously, streamlining the process of enforcing your patent rights and seeking potential resolutions or compensation.
2. Present Your Infringement Position
To present your infringement position, your attorney will prepare a detailed analysis of how the competitor’s product infringes on your patent. This involves mapping specific features of the competitor's product to the claims of your patent, demonstrating a direct infringement.
Your attorney will compile evidence, including product comparisons and technical details, to support your case. By clearly illustrating how the competitor’s product infringes on your patent’s claims, you strengthen your position and increase the likelihood of a favorable resolution, whether through settlement or compliance by the infringer.
3. Wait Three Weeks
When notified of a Neutral Patent Evaluation Program (NPEP) challenge, defendants have only three weeks to respond. This tight timeframe necessitates quickly finding a qualified attorney to evaluate their position and prepare a defense, which can be both time-consuming and costly. Additionally, they must decide whether to invest an extra $4,000 to contest the NPEP filing or risk losing their ability to sell on Amazon entirely, potentially forfeiting a significant income stream.
Most defenders will not be prepared for a carefully drafted patent and corresponding infringement position and will not have access to a well-prepared attorney, placing them at a disadvantage. This creates a strong negotiating position for you, especially if they choose to fight and lose. If they do decide to fight, the $4,000 investment indicates the value of the patent to them, and therefore creates a baseline for high licensing fees. If they opt to pull their product, you instantly gain full control over the space.
4. Profit
To profit from your patent using Amazon's Neutral Patent Evaluation Program (NPEP), you force infringers to face the option of spending $4,000 plus attorney fees to challenge the NPEP finding or paying you directly to resolve the issue. If you have a strong patent position and are open to reasonable negotiations, many infringers prefer to avoid the hassle and expense of further legal battles.
Offering a settlement can be more attractive than enduring additional court proceedings and potential future litigation costs. To streamline this process, consider negotiating a licensing agreement with terms that fit your business needs. You can obtain a free licensing agreement template from your attorney, which you can customize for your specific situation. This approach provides flexibility and ensures you can effectively capitalize on your patent while minimizing the risk and effort involved.
Evan Martin
Evan Martin is an intellectual property attorney with a background in electrical engineering. Evan has worked with hundreds of small businesses, medium sized businesses, and large corporations bringing them from an initial idea to a granted patent.
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