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Be the first to start one ». How to License Your Million Dollar Idea, Second Edition also contains an extensive appendix to standard patent forms, licensing agreements, disclosure statements, publications, contact information and more. Harvey Reese is a businessman and inventor. Based on his success in licensing ideas, he has written books that allow inventors to take advantage of their ideas.
The two most recent are The 12 Amazing Secrets of Millionaire Inventors, which shows the inventor all his options when he came across a great idea, and how to get your million dollar idea that was designed to help the inventor who has already opted for the licensing option. He is a frequent guest on local radio talk shows where he answers callers who have questions about their product ideas and what to do next.
In my role as a patent lawyer, inventors constantly come into my office with new ideas. My role is to protect their idea, but also to defend it as best I can.
So, my advice is to see the deal from their perspective. Be prepared to make proposals, have them rebuffed or adjusted, and then, when appropriate, make counter-proposals. But, at all times, you should seem like someone who is reasonable and easy to deal with. In this way, they will be happy to pay you royalties for many years if your product does well.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Keys to negotiating your license deal by Alan Apr 1, Uncategorized 0 comments.
I'm about to offer you two pieces of advice: Be wary of rule-of-thumb advice from experts! Consider taking my advice! Sign Me Up! Don't Throw the Baby Out with the Bath Water Below are 3 key provisions of your license agreement, for which opinions and well-intended advice abounds: Cash advance paid against future royalties Royalty rates Minimum annual royalties MAR The advance against future royalties is a very enticing provision that you would definitely like to have for in your license agreement.
Here is the problem — inventor greed can strike again — with devastating results. This can be a huge red flag to them and cause them to back out of the deal entirely. My Advice to You My advice to you in negotiating your license agreement is that, of course, you should seek to get the best deal possible for you as you may be working with your licensee for many years you want that to be the case! But, you must be willing to compromise. Consider the deal from their side of the table.
Royalty Rates Never start by asking them what they will offer regarding a royalty rate up front. Submit a Comment Cancel reply Your email address will not be published.
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