Invention Licensing

by David

I have a patent and a prototype of my product. I would like to get a licensing deal or sell the patent. I need more information on what I should do and the steps I need to take.

Answer:

Congratulations on getting a patent on your product and building your prototype. That takes a lot of time, effort and dedication. At InventionPartner we preach a 3 step process called EDM.

EDM stands for Evaluate-Develop-Market. Assuming you evaluated your idea and it is something that will sell you are ready to market it.

To market your idea I suggest finding companies that sell similar products. Contact them and let them know you have a patented product that would be a great addition to their product line.

You will want to create a presentation that shows the advantages and features of the product. If they are interested you can send them the presentation or go visit them in person. If the product is a good fit and all goes well you can enter into a licensing agreement.