Before even considering licensing and invention, an invention needs to have the following steps completed before approaching a licensing agent or attempting to license a product themselves. Hopefully these tips and some helpful information will make the process easier for you, as you proceed to licensing your product.
First of all you will need the following, the intellectual property rights, that's the patent if the status be patent pending. You will need drawings, you will need a prototype, you need initial marketing information, you will need a one page typewritten of description of your goals for the invention and a concise typewritten description of how the invention works.
Now, here are some licensing basics. A license is a granted permission to allow another to make the use of intellectual property rights. The intellectual property right may be for a patent, a trade mark, a trade secret or a copyright. The license may even for technical or business knowhow. A license is different from an assignment of proper intellectual property rights. An assignment conveys title of the intellectual property. In a license title of the intellectual property usually stays with the owner, rather then being conveyed to the license holder. Licenses maybe exclusive or nonexclusive. A nonexclusive license means that the intellectual property rights conveyed maybe granted to more then one licensee. An exclusive license does not necessarily mean that there is only one licensee.
Now here are some tips about how to license your product. First, licensing your invention is basically a four step process. You need to locate manufactures, you need to prepare marketing material, you need to submit marketing material to the manufactures and you need to negotiate a license. Of course, reaching step four depends on how well do you do steps one through three. First, you want to locate 20-100 manufactures, who make products similar to your invention. You then want to prepare a professional looking marketing letter and possibly even a professional brochure of your product.
You may even want to start your own product website showing your invention and further detail for the manufacturers that receive your marketing letter. After you receive some responses from manufacturers, the next step is to negotiate the licensing agreement which you should hire an experienced attorney to do it for you. If you are unable or unwilling to take the time for the four step process then you should consider seeking help of a licensing agent or attorney. I hope these tips were helpful for you as you begin the process of licensing your product.
