Question
Can I sell my patent? I have a patent for a orthopaedic anti-aging pillow in Australia. My sample has been tested by a dermatologist who also feels the pillow will help the medical industry for those with ear conditions. I lack the resources and time to get the product selling so I would like to sell the patent.
Answers: 1 public & 1 private
Sure. IP is a valuable asset. You can sell the patent outright, usually meaning you assign the rights to the patent to a person or company for a predetermined fee, or you can license the patent to someone who wants to manufacture your pillow and they will continually pay you a licensing fee based upon, for example, the number of devices that they sell. Other contractual arrangements can also be entered into. Consult a legal professional who specializes in these matters.
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