Yes, Linda, patents can be sold outright, and alternatively can be fully or partially licensed for specific time periods and geographic regions etc. One of my clients sold 36 US and foreign patents (and some pending applications), last year. He had a great court-tested portfolio.

You also asked if it’s a good idea to get a patent. Depends on the situation. Sometimes it’s best to avoid the patent route and try to convince a company to go with your concept and compensate you for your consultation. The advantage of patents (and patent applications) is that they frame the idea/solution very specifically and essentially define what you own.

As you know, you can’t sell anything you do not “own.” (Think about selling a car or real estate.)I’ve seen the Shark Tank chat too, and sometimes they are off base. As a prospective licensor, without a clear and specific definition of what you would be licensing, it’s likely there won’t be a licensee.

Patents are not for everyone. You can enter the marketplace w/out a patent and hope your first-to-market strategy will capture the customers…or that no one will believe it worth their time/funds to copy your concept and compete. Or, on the other hand, you can stake claim to the technogy itself (via a patent application) and count on exclusive rights.
Best of luck. Don Kelly

Only a very small percentage of patents (especially by independant inventors) are “sold” (licensed or assigned). Miniscule would come to mind. A poorly drafted patent will have no value, so for what it’s worth I would not recommend anyone do this intending to make a living. The odds are stacked against them incredibly. Plus all those websites where patents are listed for sale… I doubt anyone has ever sold a patent that way.

Inventing can be fun, don’t expect a good idea to net you 2 cents UNLESS you are willing to take it all the way to your customer.

The outlook for my business, selling the finished product to the enduser, is (humbly) doing quite well. One year ago, I would have done anything to get a licensee. Today, the business is not for sale. Consider your path and what you want before moving forward. Sometimes it’s better to wait if you don’t have a clear idea of what you want.

I was wondering if it is a good idea to get a patent. I saw on Shark Tank that it is better to let the licensing firm do their own patent so that it is covered the way they want it. I heard that a person can lose a licensing deal if their patent is not complete the way the company wants it to be. Are there any answers to that?

Hi Linda,
Yes, it is possible to sell a patent outright, but not a common practice as far as I see it. The reason being that unless a patent involves a sure thing that is well protected and doesn’t need testing, then it is a hard sell. As far as being a sure thing, there are many factors from product and manufacturing feasibility to pricing and marketing. If a patent appears to hold some form of promise, then a license agreement is often the form of negotiation that can take place. Of course, this is just my observation (not legal advice), and it is recommended by some to use a patent lawyer in such matters. Here is a link that touches just a little on this; http://www.businessweek.com/smallbiz/content/se...
Good luck in your endeavors!