New inventions in almost every field are quite common these days. With the rise of the intelligent and radical approach to life, many people are turning their ideas into successful businesses. The process of inventing a product and its successful implementation is not as easy as it sounds.
Every time a person has an invention idea, the first step that must be taken is to apply for a patent for that particular product. Technically, it is called patent license rights, but it is more commonly known as a license of the invention. The inventor has the option to complete all procedures on their own or to take advantage of licensing companies for professional inventions. The inventor may grant the patent right license to a particular manufacturer and then charge royalties. The United States Patent Office grants thousands of patent licenses per year for different inventions.
It is essential to consult an experienced lawyer before signing any license agreement. The license agreement includes provisions for prepayments, royalties percentages, and other breach issues. Inventors may grant an exclusive license for a single party or a non-exclusive license for more than one party. Therefore, it is essential to make a list of possible manufacturers visiting product fairs, local stores, libraries and reference magazines. Certain databases of online manufacturers can also be used to find a suitable company.
A short letter of professionally written marketing should be sent to each company for approval. The letter shall contain information on the sale or license of the patent rights of the invention idea to the manufacturing company. It is also advisable to attach a professional-looking color brochure of the product along with the marketing letter to make a good impression. You can also create a specific website to provide more information about the product and its inventor, which gives the project a professional look. This will certainly increase the chances of product success.
Therefore, it is essential that the inventor takes great care to safeguard his interests and to follow all legal and professional measures.