Patent licensing or invention licensing is the best way for the average inventor to make money from their invention ideas. Why? There are many reasons to prefer licensing an invention to manufacturing and selling a product.
Patent licensing is much easier than starting and running a company.
If you are the company that is manufacturing and selling the product you must have a much larger set of skills. Businesses must be funded to be successful, they must have people that market and sell products. Someone has to warehouse and ship the product correctly and on time. Insurance must be purchased and overhead managed. There are many facets to running a successful product company. One of the most overlooked is the importance of distribution. There is a saying that I try to live by, "A great product or idea is one thing but distribution is everything". If you do not believe this go out and try to sell your idea to the world. It is not easy. Luckily there is another option.
Most inventors are idea people who do not want to be bothered by the details of running a business. If polled 70% of inventors would prefer to license than to sell it themselves.
Patent licensing allows inventors to do what they do best, create and solve problems.
The inventors that I know want to create products, they want to develop and patent. They have ingenious ideas that need to see the light of day. Creating and solving problems is what draws people in and makes them want to become an inventor.
Licensing frees inventors from the burden of building a company.
Not only is licensing good for inventors it is also good for companies. Companies are always looking for new products and ideas that can give them an edge in the ever increasingly competitive marketplace. By providing them with a new innovative idea inventors can give companies what they need. In turn the inventor gets a small percentage of the sales price. It's a win-win relationship.
Licensing an invention is in my opinion the best way for most inventors to capitalize on their ideas. If you get the product right and are able to secure a patent, or become patent pending, you can be successful. The process of invention licensing is not overly complicated but still requires work. The results can be worth it when you receive the first royalties from your invention.
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