Seriously, licensing is good stuff. Hopefully you can apply our philosophy and make it work for you. If you do, you will be in for the time of your life.
What can you license? When do you start?
Patents, trademarks, trade secrets and any other IP properly documented and verified, may be licensed to willing, prospective licensees.
There is no reason to wait until patents issue before pursuing licensees. You don't want partners who "want to wait until after the horse has raced". Those are lousy entrepreneurs. From Patent to Profit illustrates in detail how to find and secure willing licensees. Remember, there are always others willing to spend money on your good ideas.
How do inventors get paid?
An inventor's consideration for licensing his/her patent rights is usually in the form of royalties. There are many variables determining royalty rates, the two most important being qualified sales potential and the second is the strength of the patents and IP.
The basic elements of a license agreement ensures you get paid and your interests are protected:
- You grant a license on the rights to manufacture, use and sell products falling under the scope of your patents and IP.
- The licensee produces sales of your invention else it is terminated.
- The licensee pays you royalties on sales.
- Sales and manufacturing records are kept, which you may audit.
There may be additional elements in a license agreement based on your licensing strategy.
Last, don't be naive and think that your licensees will be beating a path to your door and that you can send out "any old agreement" for them to sign. Use our license agreements and they'll be a snap to tailor to your effort.
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The FPTP licensing approach The way we show inventors how to license their IP is like teaching a student to sing a beautiful song. There's an art to it. We know the art. Heck, we invented the partnership approach...(more) |
A few From Patent to Profit sponsors and endorsers |
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