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.
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