If you don’t have the resources to produce, market, sell and distribute your invention idea, licensing your patent to companies is a great way to make money on your invention. Only a few patents (about 6%) are licensed for royalty, but it can be very lucrative. Use these licensing 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 negotiations at the negotiating table by planning, listening, studying, and strategizing.