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so how do you make money in the patent world the number one way is through patent licensing [Music] hello my name is JD Hooven ER registered USPTO patent attorney and Im the managing partner and CEO at bold patents law firm today I want to help dive in to help you better understand the number one way to monetize an invention how to license a patent now before we get started I want to let you know that there are timestamps below in the details of this video we can jump ahead to specific sections that youre looking for I also wrote a detailed blog article it goes into this and a whole lot more depth on our website with bold IP comm /blog so lets get right to it the first step to understanding patent licensing law and how to license a patent is understanding the underlying patent rights patent rights exist for utility patents which is by far and away the most common in the claims so understanding what you own depends on your level understanding of what the scope of rights are that is