Sharing Invention Wealth

The United States Patent Office has over four million patents on record with over 400,000 new patents filed in 2023. 

Many of theses inventions are not in commercial use, or if they are they are under utilized.  This really is a gold mine of innovative devices and technical ideas that the entire world could use to generate income and to create meaningful employment.

Here is an approach that should be considered and acted on immediately.  Congress could add, if their involvement is required, an option for each patent holder to opt into a new on-line access system.  (If Congress does not need to authorize this added service ... the administrator can simply put it in place.)  The idea is for all patents in the system, with the designated "available for use" option "checked", to be searchable via a simple internet connection.  And ... then formally setup for use with a "standard royalty agreement" on a worldwide basis.  This would provide the patent holder direct income, less a US Patent Office processing fee, and the royalty payer(s) the option to put the technology/invention into productive use for themselves and their families.

This new Patent Office "marketing function" could provide much greater potential use of existing patents which should result in new income for both the patent holder and the Patent Office.  The patent holder could opt into the "standard royalty use agreement" and individually set the royalty rate for collection and distribution through this new administrative function in the Patent Office.  It also might provide the initiation of new business relationships, if desired, between the patent holders and the new users via the "royalty use process".

With today's technical search functions and processing power this system should be well within reach of the Patent Office's resources.  All it should take to gain all the suggested benefits is the adoption and marketing of this patent use approach to extend the productive use of the "gold in them there files"!  Each executed on-line royalty use agreement could generate government fees to help run the Patent Office; income for the patent holders; and massive opportunities for everyone who has the initiative and desire to acquire the knowledge to creatively leverage existing patents into a profitable business that can benefit the global community.

Who knows ... this new patent use process could become a revenue stream for the "external revenue service" government function.