5 Tips for Licensing a Patent
Part of the Inventing For Dummies Cheat Sheet (UK Edition)
Only a small percentage of all patents are licensed, but it can be a profitable way to go if you can do it. Use these tips:
Make contacts at trade shows and elsewhere who can help you get a foot in the door of the right companies and help you avoid the wrong ones.
Take time to develop negotiating skills.
Focus and concentrate on obtaining a win-win licensing agreement.
Know when to sign on the dotted line and when to walk away.
Leave room for further rounds at the negotiating table by planning your strategy and tactics, and by listening and studying.