5 Tips for Licensing a Patent - dummies

5 Tips for Licensing a Patent

Part of 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.