For the vast majority of inventors, whether individuals or technology startup companies,
patents licensing is by FAR the best way to financially profit from new inventions.
So what exactly is patent licensing?
Patent licensing (or invention licensing as it is sometimes called) is the process
by which an inventor gives another party (or parties) the rights to legally use the
information protected by the patent9s) that protect the invention patent in return
In this process, the patent owner is the licensor, while the inventor
is known as the licensee.
If you find the RIGHT licensee, they will manufacture, distribute
and sell your invention FOR YOU. In other words, the patent licensee takes the RISK
and does all the hard work ... and gives you a % of the profit in the form of patent
This bears repeating: The licensee does all the hard work for you! They
manufacture your invention, market it, distribute it and place it into sales channels
for you. In return, you get a royalty fee on the sales. The more they sell, the
more you get!
So, by the time you are ready to sell your invention, which is normally
when you have filed your patent application(s) and have a good working prototype
(see my invention help overview guide) ... you should begin to draw up a short-list
of potential potential licensees.