There seems to be a great deal of interest in this subject here at ISpot. Over the next week or so I will be addressing it from 2 perspectives:
Licensing Your Idea/Invention
- Licensing Your Idea/Invention
- Producing Your Idea/Invention
, you want to find potential licensees while it is still in the idea phase
. See my topic:
There is additional risk
involved when taking an idea, rather than an invention, to a potential manufacturer, but quite honestly they hold all the cards in this game
and you have little choice if you want in the game. When you have interest from a manufacturer and it comes time to negotiate a licensing agreement, you want them to pay for the patent application. This is usually not difficult, as they are the ones that will have to protect the patent.Producing Your Idea/Invention
Before I start this, I think it would be good to get familiar with some terms used in the industry:
You have a great idea or invention and you want to produce it and sell it yourself, right!
The first thing you need to understand is that banks, angels, venture capitalist, stockholders, etc. will be looking for a viable company first
and your product (invention) second
. If you cannot convince them that you can put together a viable company, your chances at obtaining financing are minimal.
You first need to do a self-evaluation to determine if running a company is right for you. If not, and you still want to produce and sell your product, you need to find appropriate management to run your company. Start by going to the SBA website and reading:
Now, I know you do not want to hear this, but a Business Plan
to getting your financing. I know, you are an inventor and you think that if they hear about your invention, the money will come! WRONG!
You are the one that wants to produce and sell your invention/product, so do yourself a big favor
and go and look at some of the SAMPLE
business plans at:
We all have questions about financing, get some answers!:Links to Financiers:
The above is just a very small sample
of sources, for more than you can handle, Google: finance angels OR venture
There are a lot of frauds, scams, and cons waiting for you out there. The first thing you should do is Google with:
"the company name" scam OR fraud OR con
with the company name in quotes as shown. Small businesses, especially start-ups
, are prime targets for these shysters
. Don't become a victim!
For those of you that offer financing of various types or business services, please go to:
and let us know about them.