Know everything about Licensing your Invention

Know everything about Licensing your Invention


Is it important to license your invention? Licensing your invention gives certain rights to the owners of the product. 
In today's changing environment and advanced technology, if a company introduces something unique, it is important to get it licensed. It is for the reason that having proven commodity aid in attracting the audience promptly. 

The procedure of Licensing Your Invention

Step1:
First of all, the company needs to prepare a presentation, to get the invention licensed. It includes an introduction letter, product image, description, advantages, variations, aim, and even more. 
Step 2:
The presentation will be sent further to check-in similar search sources recorded. After that, the licensee provides name and address to the licensee.  
Step 3:
Certainly, a legal agreement signed by the licensor and licensee accepting the responsibilities over the royalties. For example, rights of invention, future enhancements of the products, and even more. Hence, factors included in the license agreement are the type of patent, rights, responsibility, and even more. 
Step 4:
After the agreement, 3% to 8% is the royalty rate depends upon the matter and negotiation between parties. 
Step 5:
Once the license gets listed, the company needs to pay the maintenance fees for the patent.

Benefits of Licensing your Invention:
  • Cost-effective than taking a firm.
  • Need not pay for the time consumed for research and development.  
  • If the product does not get success in the market, the owner doesn't incur much loss. 
  • The owner needs to pay the royalty amount 

Location: Miami, FL, USA

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