How to Get Your Amazing Invention on Store Shelves: An A-Z Guidebook for the Undiscovered Inventor by Michael Cavallaro

Author:Michael Cavallaro
Language: eng
Format: epub
Tags: invention, new products, marketing, patent process, licensing, products, royalties, idea, guide, marketable product
Publisher: Atlantic Publishing
Published: 2012-01-24T00:00:00+00:00

The Benefits of Licensing

Intellectual property rights are licensed or assigned rather than sold. In other words, when you transfer the rights of property to someone, you are the licensor. The individual or company that agrees to have the rights you own transferred to them is the licensee. Licensing is like renting or leasing your invention to a firm that will pay you for the right to develop it into a product for sale. If you permanently transfer intellectual property rights, you are not licensing the rights but rather assigning them. You cannot assign or license rights over to someone unless you were granted specific property rights to own the patent. You do not have to be an entrepreneur, manager, or business executive; you can keep being an inventor. Licensing a patent means you will be paid in exchange, partly in upfront fees and partly in royalties based on the volume of product sales. It also means you may not have to take on the risk of investing your own resources in product development, distribution, and marketing. The benefits of licensing include:

The possibility of simultaneously licensing the same invention to a licensee in another field

The ability to specify that the rights revert to you if the invention is not commercialized within a certain amount of time

The opportunity to relicense the invention again in the future if the rights revert to you

The ability to continue profiting from sales of your product without further effort on your part

The opportunity to retain the right to the entire area of technology covered by your patent in case it covers valuable processes or products not yet invented

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