Sealing a Licensing Deal for Under $100
An excerpt from the upcoming book Guerilla Inventing: An Inventor’s Guide to Getting Inventions to Market without Going into Debt
By Roger Brown
There are two questions that come up any time I talk to inventors. The first is “Do you really get your invention ideas licensed for under $100?”
When I say, “Yes,” the second question is “How?”
This is the route I take for most of my ideas. I do not pay for a provisional patent application or formal patent. I use a non-disclosure agreement (NDA) when approaching a company with a new product idea.
You don’t need a patent or patent application. There are plenty of large and mid-sized companies that will review non-patented ideas. Companies that are interested in my new products pay for any intellectual property protection, if they desire.
Meanwhile, I get inventions to market spending between $10 and $100 (when no attorneys are involved). Other than the opportunity cost of doing research and other preparation, my first royalty check is pure profit. I am not waiting months or years to earn back the thousands of dollars spent on patents, huge presentations that aren’t needed, professional prototypes, or paying fees to invention submission companies before I break even.
Below is my step-by-step breakdown of how I go from conceiving an idea to closing a deal.
Step 1 – The Idea
Inspiration comes in many forms. You can be walking through a store, see a product and have an idea for a better product right off the top of your head.