Invention Success Rates
Throughout history men and women have been inspired to invent; from Eli Whitney and the invention of the cotton gin in 1794, to the invention of the first computer in 1936 by Konrad Zuse. But for every invention that is successful, there are thousands that fail.
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Invention Success
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Approximately 70 percent of patents that are submitted are approved. Typically only 2 to 3 percent of approved patents are actually successful in generating money.
Number of Inventions
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According to the U.S. Patent office, hundreds of thousands of inventors submit for patents every year. In 2009, there were 482,871 patent submissions, only 191,927 patents were granted. This pales in comparison to the number of inventions that were created, but not patented.
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Invention Failure
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Your invention is complete and you have your patent, now the hard work begins- you have to sell the invention. Most inventions fail simply because the inventor doesn't know how to sell his invention or the invention is not marketable.
Patents
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According to U.S. patent law, anyone can apply for a patent as long as they are the inventor of the item. A patent legally protects your invention by granting the inventor property rights. The typical length of a patent is 20 years.
Licensing
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Licensing inventions allows the inventor to maintain ownership of the intellectual property rights while allowing others to use the invention. Inventors benefit from this type of relationship as they are paid royalties.
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References
Resources
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