Source: bizjournals.com

How Does Licensing an Invention Work – 2021 Guide

Back in the day, people used to devote their whole lives to perfecting the old and inventing the new practical solutions envisaged to make our lives easier in a particular way. We could even claim that being an inventor was a real profession. Nowadays, things have changed utterly, and even though a vast majority of individuals do not lack inspiration, they often struggle to license their invention. Fortunately, the answer to how does the licensing of an invention work lies in our 2021 guide, thus, expect to find all the necessary pieces of information in the lines below and make sure you put them to good use!

Eureka!

People have been having amazing ideas since the beginning of time, so it does not surprise that we quote one of the greatest inventors of all time, the one and only Archimède, at times when something ingenious comes to our mind. In a nutshell, each and every action we perform starts as an idea, but the road from the initial thought to a meaningful physical or theoretical outcome is not as easy as we would hope for.

Still, you know where to start from, since having an idea is the first thing to cover on your licensing journey. Since we have covered the basics, we should skip to the hard part. Namely, in order to consider licensing an invention, your idea should be genuine, which is basically self-explanatory. Thus, do not steal from others, since it would be the same as betting on the wrong horse.

What Inventions Can Be Licensed?

Source: inc.com

First of all, you must potentiate the evolution of your idea. Even though it might sound complicated, it actually implies that you should prove and assure both yourself and others that the idea works. Unfortunately, no one will believe your word for it, so make sure you collect and record any piece of data that could be relevant for your work. To make the long story short, you should prove that idea is genuinely yours, as well as the invention you plan to license.

Licensing an invention resembles renting it, whether it is an essential discovery, a device, a process, trademark, or anything else someone would pay in order to make use of it for a specified amount of time. Now, you can either earn the renting money and wait for the rent period to end so you can rent it again, focus on benefiting from royalties, or both. Sounds simple, right? Well, we have skipped the hard part, so do not celebrate just yet.

Licensing Process

Source: inc.com

Licensing process is a time-consuming process and it requires both long-term financing and a thorough authenticity check. Not only do you have to provide hard evidence that your idea is originally yours, but also to prove that your invention works.

Surely, you can do this on your own steam, but the process would be either hard or impossible to carry out without prior knowledge about the subject and insufficient experience. On the other hand, you can hire a professional working for a licensing company, such as InventHelp, and entrust them with handling all the work.

Now, it would be ungrateful to advise you on which solution would work for you best, thus, we recommend you assess your options thoroughly before engaging in binding agreements. A significant number of individuals choose to hire a pro not because they lack knowledge, but funds that are necessary for the delivery of the project. For that matter, an agent would charge for their services after they do the hard work and you receive your license, otherwise, you should consider whether the approach works for you.

On the other hand, even though doing everything by yourself seems to be incomparably more strenuous than the alternative and would initially squeeze additional money out of your pocket, it should come out as a more cost-effective approach in the long run, provided you push the story all the way through. Still, these are all theories, and you should take them for granted.

Follow the Trends

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As we have mentioned earlier, licensing an invention is a process that requires time more than anything. That is why it is of utter importance to mention that you should not only focus on the invention, but also on its realistic application and overall usefulness. There is a saying that states that great minds think alike, so be prepared to duel other inventors who focus on processing the same or similar solutions.

Again, timing is everything, so the sooner you license the product, the sooner your invention will reach the market. Consequently, the same parallel can be drawn to link the bureaucracy related to the invention and the acquiring of license. The aforementioned is crucial to analyze before engaging in obliging processes since untimely acquiring a license for an outdated solution would not be profitable.

Thus, we urge you not to wait but get to work as soon as now, since any delay would significantly reduce the chances of maximizing the potential of a particular invention.

Reach Out to Companies

Source: licensingcorner.com

Without licensees, your license would not mean much, so you need to get in touch with the ones who will be interested in partnering with you. We do not claim that anyone would try to steal your idea, nor do we claim they will not, thus, we urge you to protect your invention legally before sharing your thoughts with them. Yet again, you can do it on your own, or you can call the pros for help. Either way, you should not schedule any meetings before you protect your intellectual property.

Hopefully, the aforementioned pieces of information have brought you at least one step closer to realizing your idea and licensing your invention. Now, the time to get down to business has come, so assess your options carefully and opt for the one that suits you best. Arm yourself with patience and wait for the right moment to launch your idea into the worldly realm. You’ve got this one!

About Nina Smith