In my last blog post, I said that the patent is not the most important part of trying to get a new product to market; so when is the patent important? The patent is critical when you need to negotiate your licensing deal. No patent-No negotiations. Your patent is the only thing that allows you to “make a deal.”
I have heard recently from multiple sources that they have been advised to just file a provisional patent application and then let the licensee pay to file the non-provisional patent. No. No. NO! This is not the best way to get your licensing deal.
Controlling your intellectual property (patent filing) is the only thing that gives you, the inventor, leverage when negotiating a licensing deal. If you give away your leverage, you give away your power to get the best licensing deal possible. Think about it. If someone handed you all control of a situation, how much would you listen to their desires or advice. So consider, if you scrimp on paying for the patent because you don’t want to spend the money and the licensee who ends up paying for the patent stops paying you royalties, what are you going to do? Sue them? Now that’s expensive. If you had control of the patent, you could terminate the agreement and move on to another licensee and negotiate another licensing agreement.
Where do you find a potential licensing deals: AT A PROFESSIONAL TRADE SHOW!!!!
You can’t get a Licensee by making phone calls, sending emails or even by sending samples via snail mail. All those “submit your idea here” online submissions are just to keep the company from being bombarded with ideas. You find a serious licensee at a professional trade show. If you are patent pending and have a prototype, you can still join us this year at the National Hardware show. Don’t wait! Contact me as soon as possible.