Produce or License your Patent?

by **tony.fulford** » Fri Jan 04, 2008 4:13 pm

Produce or License your Patent?

by tony.fulford » Fri Jan 04, 2008 4:13 pm

tony.fulford: Green Belt; Posts: 160; Joined: Tue Nov 13, 2007 12:04 pm

OK, now we have researched our idea and are ninety nine point nine percent (99.9%) convinced it is unique and not obvious. If not, go back and do more research. Remember, as dull as searching may be sometimes, searching is your time and money savior in the end. Those that do the most and best searching have the highest percentage of issued patents.

Now, you have a major decision to make even though you have not filed for a patent; Produce or License (sell)? I know this sounds a little premature, but what you do from here on depends on this decision. If you are going to produce, file your utility, design, or plant patent now. Do not pass go, do not collect $200. You are only wasting your own time-to-market if you delay. On the other hand, if you are going to license or sell your patent, stay tuned.

If you are going to license your patent, the first thing you want to do is file a Provisional Patent Application. Paper filing is $100 and filing online (you must have a digital certificate) is $105 for an individual or small entity (small business). Provisional applications do not require claims, are free form, and the drawings do not have to conform to a non-provisional patent application. You can produce a Microsoft Word document with your drawings included and print it out if you are filing via paper. If you are filing online it must be a PDF document.
You want to be sure that anyone that has expertise in the area of your patent would be able to produce whatever it is from the documentation you submit for the application. It may take several weeks for confirmation if you file by paper through the mail. If you file online, it takes less than a minute to get your confirmation and application number.

Once you receive your confirmation, you now have Patent Pending status and are ready to find company to license your patent. Searching the Internet is the best way to accomplish this. I prefer companies that allow you to submit them online via their website or e-mail. To do this, go to Google:

http://www.google.com/

The basic search argument you want to enter is:

â€œsubmit idea OR inventionâ€

Last edited by tony.fulford on Sat Jan 05, 2008 1:36 pm, edited 3 times in total.

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by **mojo62** » Fri Jan 04, 2008 6:56 pm

by mojo62 » Fri Jan 04, 2008 6:56 pm

mojo62: Black Belt; Posts: 1101; Joined: Tue May 08, 2007 4:54 pm; Location: Texas

Wow, this is some good reading!

I like learning something new every day, good work!

Thanks!

Regards,
mojo

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by **Work2XL** » Fri Jan 04, 2008 9:29 pm

by Work2XL » Fri Jan 04, 2008 9:29 pm

Work2XL: Blue Belt; Posts: 478; Joined: Tue Apr 24, 2007 7:56 pm; Location: Denver

Wow, I thought I had long posts. Just kidding. Do you still have your software company? I tried to do some research but couldn't find anything.

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by **tony.fulford** » Sat Jan 05, 2008 5:32 am

by tony.fulford » Sat Jan 05, 2008 5:32 am

tony.fulford: Green Belt; Posts: 160; Joined: Tue Nov 13, 2007 12:04 pm

Work2XL

I had a corporation named Business User Software, Inc. and it is no longer alive. We developed JavaBeans to enable business type users to develop software by wiring the beans together to make an application.

--Tony

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by **inventor-x** » Thu Jan 17, 2008 4:09 am

Performance Clause

by inventor-x » Thu Jan 17, 2008 4:09 am

inventor-x: Brown Belt; Posts: 907; Joined: Sat Nov 04, 2006 5:44 pm

What about Performance Clauses?

Depending on the Invention & the company you are dealing with, Performance Clauses need to be considered & negotiated.

The last thing that an Inventor wants to have happen to there Invention is get aquired by a company & that company not perform by not Manufacturing a product or Properly Advertise or Market the product.

The one thing the Inventor needs to be aware of this will Imply some level of Book-keeping with the company.

What is the Inventors level of participation with the company regarding the Invention?

The Inventor needs to consider if this company is the best company or the only company to handle there Invention.

One other thing to consider is if that company sales out to another company, is that company obligated to the first companies contracts.

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by **tony.fulford** » Thu Jan 17, 2008 5:21 am

Re: Performance Clause

by tony.fulford » Thu Jan 17, 2008 5:21 am

tony.fulford: Green Belt; Posts: 160; Joined: Tue Nov 13, 2007 12:04 pm

inventor-x wrote:What about Performance Clauses?

Depending on the Invention & the company you are dealing with, Performance Clauses need to be considered & negotiated.

The last thing that an Inventor wants to have happen to there Invention is get aquired by a company & that company not perform by not Manufacturing a product or Properly Advertise or Market the product..

The one thing the Inventor needs to be aware of this will Imply some level of Book-keeping with the company.

You are absolutly correct! Performance must be properly addressed in the Licensing Agreement with a company. The following must be addressed:

Product forecast
Time to delivery of the resulting product
Marketing Plan
Auditing

What is the Inventors level of participation with the company regarding the Invention?

To the extent possible, the inventor must be a partner (not in the legal sense) with the company regarding their invention and the resulting product produced by the company. One thing I do upfront is to prepare and present the company with a Base Marketing Plan Outline. This conveys to the company that you are vested in the outcome and creates a basis for further discussion and participation.

The Inventor needs to consider if this company is the best company or the only company to handle there Invention.

Yes, this should be done prior to ever contacting companies about your invention.

One other thing to consider is if that company sales out to another company, is that company obligated to the first companies contracts.

When a company buys another company, the buying company acquires the assets and liabilities. Contracts fall into one of those.

--Tony
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44

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by **inventor-x** » Thu Jan 17, 2008 8:20 am

by inventor-x » Thu Jan 17, 2008 8:20 am

inventor-x: Brown Belt; Posts: 907; Joined: Sat Nov 04, 2006 5:44 pm

Hello Tony

I just thought that I should put that out there because you did Not address those Issues.

Here's a question that has the most Attention on this website & in the Forum.

Inventors need Angel Investors besides Family & Friends, where & how do you find them & how can this website Attrack a few Angel Investors?

The website is trying to start a Inventor Foundation to get Investors to Invest in Inventions.

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