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Sanaa T...
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Hi there,
Interesting question. Presuming that you would be licensing the rights or assigning the rights to your patent to a third party; Licensing or assigning rights to your patent for cash is a simpler, less-expensive route than manufacturing and selling your invention. Licensing or assigning your invention is often preferable for those inventors who want to make money but care primarily about innovating and spending time in their lab. (Jack Lander, “Should You License Or Produce Your Invention?,” Forbes.com, October 24, 2006)
On the other hand, The downside of licensing your invention is that “if the product is a huge hit, you’ll get only 3 percent to 5 percent of the net sales.(Kathy Kristof, “Inventive parents can turn bright ideas into cash,” Houston Chronicle, February 13, 2006, p. 3)
It may be difficult to find a licensee or assignee, thought not impossible. A couple of tips to bear in mind: Seek prospective licensees who are in the best position to manufacture your product; Also Find an experienced mentor.
However, if you wish to assign the patent to a company you own or invest heavily in: Manufacturing your invention on a small scale first, improves your licensing chances and Manufacturing an invention can produce much higher dollar returns than licensing.
Let us know if you have any further queries.
You may call us at (877)-794-9511 Monday to Friday 9 am to 6 pm or mail us at customer.service@patentexpress.com
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