arXiv:2507.01717v1 Announce Type: new Abstract: Patents contain rich technical knowledge that can inspire innovative product ideas, yet accessing and interpreting this information remains a challenge. This work explores the use of Large Language Models (LLMs) and autonomous agents to mine and generate product concepts from a given patent. In this work, we design Agent Ideate, a framework for automatically generating product-based business ideas from patents. We experimented with open-source LLMs and agent-based architectures across three domains: Computer Science, Natural Language Processing, and Material Chemistry. Evaluation results show that the agentic approach consistently outperformed standalone LLMs in terms of idea quality, relevance, and novelty. These findings suggest that combining LLMs with agentic workflows can significantly enhance the innovation pipeline by unlocking the untapped potential of business idea generation from patent data.