Inventing Licensing Tips - dummies

Inventing Licensing Tips

By Pamela Riddle Bird, Forrest M. Bird

Part of Inventing For Dummies Cheat Sheet

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.