How Do I License My Product
by C. Lewis
(New York City, NY, U.S.)
INVENTOR SEEKING AGENT FOR LICENSING OF WATER CONSERVATION PRODUCT
I have a newly issued patent, and I am looking for an agent who will license my product/method for water conservation which saves 87% potable water.
One of its components is for private residential homes; the other component is specified for high rise commercial buildings. This 2nd component also produces "graywater." Without a doubt, there is no other product that is as efficient in saving water.
The companies to be solicited are already in place and they're in large numbers. What is the best approach? Where may I find a licensing agent or a partner in the area of natural resources conservation & renewable energy?
Should I handle licensing on my own? I'm reading Richard Stim's "License Your Invention" and How to License Your Product by Harvey Reese.
Those are two great books that you cited. You can learn most of what you need to know when licensing your invention from these books.
I always suggest contacting manufacturers that might be interested in licensing your product yourself if it is something that you are comfortable with. Most companies are happy to hear from you if you don't take advantage of their time.
Once you find a company that is interested in your product you can work through the terms of a deal. This is called an arms length agreement where you define the big items like royalty rate, exclusivity and possible upfront fees.
After you have arrived at an agreement in principle you may want to involve a licensing attorney to make sure our interests are fully protected.
The process is not difficult but it will likely take some time. "How to License Your Product" can fill in the rest of the details.