Invention licensing services earn royalties on your invention. In it, during every step you take in making your invention, you will record what you did, why you did it, and how you did it. Everything you need to license your invention youve got a great idea and youre ready to strike it rich. You can even license your invention to more than one manufacturer at one time.
Getting started as an entrepreneurplanlicensing as part of. The path you take probably will depend on how much money you have to invest into your invention idea. At times it had me wondering why i would ever want to pursue an invention because it does such an excellent job of illustrating the complexities that lie ahead. We help every day people patent, design, license and sell their inventions. However, formatting rules can vary widely between applications and fields of interest or study. Sep 01, 2016 common obstacles when licensing your invention ideas. You dont have to shell out for manufacturing startup.
From reading literally hundreds of good and bad invention help books over the years, i have put. The difference between licensing and manufacturing your invention. When a company calls you back about the invention you pitched them, negotiations have begun. Costs for invention development, patents and licensing. Why licensing is the best way to get your product on store. Licensing is a search process, learn the ins and outs of how to do this successfully. In summation, while there is much of value here, this may not necessarily be the best book to begin with if you are new to the subject area. When you license your invention, most of these steps are taken on by the licensee and youre paid a royalty on net sales of the completed.
There are several steps to successfully licensing your invention. Common obstacles when licensing your invention ideas. Want to learn how to license your product ideas without a patent. Profit from your idea how to make smart licensing deals legal. You can limit the license to a certain area, such as canada. The thought of other people purchasing and using your invention is. Patent law can be complicated and this book attempts to make it simple enough for laymen to understand so that theyll know everything they need to be able to file a patent. Dec 05, 2017 when you license your idea, youre partnering with a company aka the licensee that has manufacturing capabilities and distribution, so that your invention can be brought to the marketplace and, ideally, all parties will earn a profit, as the licensee will earn a profit and youll earn royalties. Questions answers about licensing your invention thinking about licensing your invention. Before you attempt to license your invention, make sure, at a minimum, that you protect your invention with a provisional patent. Aug 02, 2019 how to find funding for your invention. An easy to understand guide for inventors who want to license an invention.
But finding a company you can trust, hashing out a fair licensing deal, then watching your idea hit the marketplace. This means you are giving permission to one or more companies to produce, use, or sell your invention in exchange for money. There are at least a couple of ways to license your invention and make money. Presenting the best aspects of your invention while protecting the confidential aspects of your work. Inventors help licensing your invention free inventors help. Step by step, this book explains the key elements in a licensing agreement, from advances and royalties to the length of an agreement.
When you license your idea, youre partnering with a company aka the licensee that has manufacturing capabilities and distribution, so that your invention can be brought to the marketplace and, ideally, all parties will earn a profit, as the licensee will earn a profit and youll earn royalties. How to get in to any company to license your product idea. Use profit from your idea to help you effectively maintain the necessary balance and minimize the risks of disclosure. Aug 31, 2011 if you want to get your invention licensed and receive royalty payments, you have to deliver more than a me too product. In some ways the decision whether to try to license your product or make and sell it yourself is an easy one. The license agreement should spell out whether or not the licensee has the right to sub license the technology to others, and if so, under what circumstances. Like most inventors, you dream of striking it rich finding a company you can trust, hashing out a fair licensing deal, watching your idea hit the marketplace and.
The fully updated 7th edition comes complete with the latest licensing. When you give a company the right to make and sell your invention in return for payment, you are granting a license you are the licensor the company is the licensee. Read inventright cofounder stephen keys bestselling book one simple idea. Stephens book sell your ideas with or without a patent explains exactly. Take your great idea to market with a solid legal agreement with 3. The payment can be an ongoing percentage of sales, a royalty, or it can be a onetime payment, a buyout. Youve invented a great product and its time for the next step. Oct 24, 2006 when you seek a license, youll need to take the following steps.
My idea is to present my projects to companies in a professional way, combining my knowledge on marketing and branding with licensing. The most magnificent thing by ashley spires, whoosh lonnie johnsons supersoaking stream of inventions by chris barton, t. The purpose of this invention log is to tell the entire story of your invention. When you license your invention, most of these steps are taken on by the licensee and youre paid a royalty on net sales of the completed invention. Disclosing your invention requires a balancing act. The costs shown here are for inventors following a doityourself path where they keep control and 100% ownership of their invention concept. A guide on how to license your invention and earn royalties. Books for inventors on inventions, patents and marketing. Profit from your idea will help you negotiate and draft a licensing agreement that best protects. In return, you receive moneyeither a onetime payment or.
Chapter 17 marketing your invention and getting publicity. Cofounded by stephen key and andrew krauss in 1999, it has since helped people from more than 60 countries license their ideas for new products. Since then, he has been creating whimsical products, inventions and. Human subtlety will never devise an invention more beautiful, more simple. A license agreement is when the inventor licensor agrees to let a third party licensee commercially use his invention for a period of time. License your invention without the risk protect your idea.
A good product successfully marketed is worth more than a great product poorly marketed. For example, you can limit the license of your invention for a period of time, such as one year. Prolific inventor brian fried has reached levels of success as an inventor, consultant and licensing agent and has compiled his personal experiences, real life examples, insights and trends on his journey in the invention industry into the book. Should you license your invention or sell it yourself. Question and answers about licensing your invention. It covers a variety of topics and presents realistic information in a well organized manner. Turn your dreams into a licensing goldmine while letting others do the work. How to license your million dollar idea is also relatively weak on concretely presenting steps to take to protect a licensable idea or concept. This is another book that is essential to those who aspire to grow their inventions into a fullfledged business. Do some thorough research about marketing your invention because whether you, or someone else, decide to produce, distribute and market your invention, the success of your idea is only as good as your marketing plan. Jul 03, 2015 when you license your invention to a thirdparty manufacturer, you get your product to market with very little or no capital investment. Invention licensing is a great option for inventors looking to profit from their intellectual property without investing in manufacturing, distribution, and sales. License your invention provides both the practical marketing advice and the legal licensing language you need to turn your invention into a moneymaker. This book contains proven steps and strategies for how to patent your invention so that only you can benefit from it.
Whether youre new at the inventing game or a grizzled veteran, patent it yourself will save you grief, time and money. Profit from your idea how to make smart licensing deals. Cofounded by stephen key and andrew krauss in 1999, it has since helped people from more than 60 countries license. License your invention and lower your cost and risks. You will retain ownership of the concept and can also have great influence over the terms of the deal. The 19th edition includes the latest implications of the firsttofile rules created by the america invents act. Second, you must raise the money necessary to develop and protect your invention, such that it can be licensed in a complete form to a third party. However, if you base your decision on a little business senseand the fact that your idea is an opportunity, not just an invention then the answer is more likely, nobut maybe later. Draft the license determining how and when you can use someone elses invention usually involves a good deal of oldfashioned negotiating and a. And this book is not for venturers unless they think they might want to peek over the fence to see if the grass really is greener on the. You will find your answers in inventing secrets revealed. Get his or her name from one of the other reference books, such as. If you submit your invention to invention city and we license it from you, then you do not pay for expenses such as these. Stephens book sell your ideas with or without a patent explains.
Get on it, and put some action behind your invention you may just change the world. When you are trying to license your invention for royalties, the end result of all your hard work is to secure a license agreement. A license is simply an agreement in which you let someone else commercially use or develop your invention for a period of time. The highest rated books on the invention process, patents, designing and. Why licensing is the best way to get your product on store shelves. Idea to invention audiobook by patricia nolanbrown. The 1 thing you must do to license your invention ideas youtube. Gearing up to license your invention intellectual property protection ownership issues for inventor employees joint ownership of your invention licensing agents and representatives soliciting potential licensees protecting confidential information the key elements of your agreement money.
Feb 16, 2017 how to get in to any company to license your product idea. Everything you need to know to turn a simple idea into a million dollar payday by harvey reese. This invention log is an important part of the invention process and is a complete and accurate record of the ideas. Several years ago i interviewed stephen key, an inventor coach and author of two excellent books. A license agreement can be drafted according to the specific needs of the licensor or licensee. Your first option is to license your invention out to others.