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FAQ: What do I do first with an idea I want to license?
by Work2XL » Sun Sep 30, 2007 5:53 pm
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Work2XL - Blue Belt
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I have a great idea that I want to get licensed. Where do I start?
by Contextion » Sat Oct 13, 2007 5:21 am
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Contextion - Blue Belt
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I started to go the invent right way - http://www.inventright.com/ - but it did not really fit my invention so I decided to go with Kessler corp - http://www.kesslercorp.com/.
Where do I start?
by Roger Brown » Wed Oct 17, 2007 5:32 am
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Roger Brown - Black Belt
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The first ting you need to do is make sure your idea isn't already on the market. Do a patent search yourself on the http://www.uspto.gov/ website. This may take some time and effort on your part, but it is free and will save you further work on an idea that is already patented.
If you don't find anything in your patent search I would then narrow down which companies you feel would be interested in your idea. This may sound dumb, but a number of Inventors will send an idea to a company just because they like the company, not because the company makes similar products. You don't send Black and Decker ideas for dog collars.
Once you have gotten a list of companies together you need to contact them and ask if they look at outside ideas from Inventors. If they do they should send you a nondisclosure form to fill out prior to sending them any material
While you are waiting for the NDA you need to work on your pitch. You can see an example at viewtopic.php?p=6124#6124
Make your pitch short and concise pointing out your ideas benefits and target market. Once you are satisfied you have the pitch ready you send it to them for review. If they are interested you will receive further documentaion from them about licensing. Make sure you READ the fine print and have a lawyer look it over if necessary to make sure you are understanding the terms of the agreement.
Once the agreement is signed you are going to have to wait about 6 months to a year for your product to hit the store shelves depending on how fast they can get things rolling.
If you don't find anything in your patent search I would then narrow down which companies you feel would be interested in your idea. This may sound dumb, but a number of Inventors will send an idea to a company just because they like the company, not because the company makes similar products. You don't send Black and Decker ideas for dog collars.
Once you have gotten a list of companies together you need to contact them and ask if they look at outside ideas from Inventors. If they do they should send you a nondisclosure form to fill out prior to sending them any material
While you are waiting for the NDA you need to work on your pitch. You can see an example at viewtopic.php?p=6124#6124
Make your pitch short and concise pointing out your ideas benefits and target market. Once you are satisfied you have the pitch ready you send it to them for review. If they are interested you will receive further documentaion from them about licensing. Make sure you READ the fine print and have a lawyer look it over if necessary to make sure you are understanding the terms of the agreement.
Once the agreement is signed you are going to have to wait about 6 months to a year for your product to hit the store shelves depending on how fast they can get things rolling.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
Re: FAQ: What do I do first with an idea I want to license?
by lindsey » Thu Mar 26, 2009 9:37 am
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Work2XL wrote:I have a great idea that I want to get licensed. Where do I start?
Step 1: Patent Search- Do your own. It may take a little longer than paying someone to do it, but it's free. You can search the USPTO site, or you can do a google patent search (I find google to be less complicated.) Here are some detailed directions: http://www.patenthelpnow.com/Search-Patent-Help
Step 2: Market Research- You need to find out what the market looks like for products that are similar to yours. Are they selling well? Who is selling them? Do companies tend to license patents in this industry? This is important to make sure that you know you can make money. Also, it will help you with choosing the companies that will actually give you a chance.
Step 3: Design & Drawings- It is important to have a well developed product before you patent it. Patents are soooo expensive that you want to make sure it actually will be protected. http://productdevelopmentco.com -This is an example of a company that will do everything from market research to design, to 3D CAD drawings, to helping you contact companies.
Step 4: File for protection.
Step 5: Create presentation material to send to companies.
Step 6: Contact Companies- Idea Buyer just came out with a step-by-step, self-help workbook for contacting companies, and its awesome. The best news is that it is only $40! http://www.ideabuyer.com/resources/index.php
Step 7: Negotiation
Hope this helps!
Re: FAQ: What do I do first with an idea I want to license?
by abacus » Fri Mar 27, 2009 11:00 am
- abacus
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A blinder there,Linsey.Thanks.Ever-crystalising information.
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