The Signal: Each week thousands of patents in the US and Canada quietly expire. Less than half have ever been commercially exploited, according to the Stanford Law Review, and all offer valuable inspiration in the ongoing search for profitable business opportunities. As our articles on both Hims and Alabaster show, free use can mean big profits. Expired patents are helpful because:
- Each patent can speak to a consumer need, pointing you toward businesses you may not have otherwise considered.
- They can resurface forgotten designs with new potential applications.
- Some patents expire prematurely, offering you an opening against competitors.
Perhaps most importantly, the variety of the patent archive reminds us that consumer needs are varied and endless. Once you’ve seen 100 years of egg carton designs (94 patents in the US alone), you’ll never worry about running out of product ideas again.
Below, we show more specifically how some of this week’s expiring patents could inspire your next business move:
Surprising Markets: This weighted vest is an example of how exploring expired patents can lead you to product ideas you may have overlooked. Google Trends data shows that searches for weighted vests spiked along with the recent lockdowns.
Meanwhile, miR, the lead seller of weighted vests on Amazon, moves $3.2m per month of their RUNmax Pro Weighted Vest alone, according to Jungle Scout.
The designs in the expired patent are no longer protected, meaning you could use them royalty-free, or even adapt them based on feedback from other weight vest buyers, creating your own unique offering. Three-star Amazon reviews for weighted vests often ask for plus-size vests, better shoulder pads, and shorter options for women with shorter torsos.
miR appears to be selling primarily through Amazon (the top Google result for "weighted vests"), driving traffic via earned media, like this recent Men’s Health article, where their products took 3 of the top 10 spots.
Their 50-lb. vest ($149) stands out for driving 1.5X to 3.6X the revenue of other weights with roughly the same unit sales.
What’s Old is New: Expired patents can also unearth interesting product ideas that were once popular, but have mysteriously disappeared. This collapsible origami safety razor, for example, folds flat for travel.
Apparently, this was once a common need. A look through the reference art shows a series of flat-folding razors, dating back to the 1950s, some even made of paper. They seem to have disappeared with the advent of disposable plastic razors, but now that plastic is seen as environmentally toxic, perhaps a more eco-friendly paper razor would find an enthusiastic market (recall that both Harry’s and Dollar Shave Club sold for $1B+).
Even if DTC isn’t a viable option, there may be eager clients in the hotel market, where eco-friendly single-use amenities offer hotels a differentiating factor.
"Mostly" Expired: Some patents expire early because the owners don’t pay their maintenance fees. This creates an opportunity to capitalize on your competitors’ innovations.
"If one starts operating under the lapsed patent," patent attorney Ben Langlotz told Trends, "[even if] the non-payment is corrected, you retain the right to continue if you meet certain legitimate standards."
While the patents above technically would have hit their 20-year limit this week, both actually lapsed several years ago due to fee-related issues (2004 and 2012, respectively). Imagine if you would have known that then and could have ridden the CrossFit and DTC razor waves.
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