About:
Consultants for your
invention
A consultant is usually an
expert or a professional in a specific field and has a
wide knowledge of the subject matter. Thus, clients have
access to deeper levels of expertise than would be
feasible for them to retain in-house, and to purchase
only as much service from the outside consultant as
desired. A consultant
usually works for a consultancy firm or is
self-employed, and engages with multiple and changing
clients. It is generally accepted
good corporate governance to hire consulting agents.
A consultant is a
professional who provides advice in a particular
area of expertise such as
accountancy, human resources, marketing, medicine,
finance, the
environment,
technology,
law, economics,
public affairs,
communication,
engineering,
sound system design,
graphic design, or
waste management.
How consulting works
In other
situations, companies implementing a major project may
need additional experienced staff to assist with
increased work during that period. Often a consultant
provides expertise to clients who require a particular
type of knowledge or service for a specific period of
time, thus providing an economy to the client.
Interest
in obtaining licensing for your Invention?
The purpose of
licensing
is to grant another
individual,
company or
corporation the right to
use your
intellectual
property for a specific
amount of time and for a
specific purpose. The
specifics are outlined
in the terms of the
agreement.
A licensor may grant licensing under
"intellectual property"
to do something (such as
copy software or use a
patented invention)
without fear of a claim
of
intellectual property
infringement brought by
the
licensor.
A license under
intellectual property
usually has several
parts including a term,
territory, renewal, as
well as other
limitations deemed vital
to the
licensor and
licensee.
Many licenses are valid for a particular length of time protecting the licensor should the value of a
licensing agreement
increase, or market
conditions change.
About: Licensor
A licensor is a term used in the law to describe a person or company who forwards usage rights of their intellectual property of another person or company for the purpose of profit. The owner of the property, called the licensor typically allows the licensee to use their intellectual property under the terms of a licensing agreement. The licensor and licensee typically sign the licensing agreement with the support of a professional attorneys who specialize in licensing agreements.
About: Product
Royalties
Royalties are payments
made by one party (the
"licensee") to another
(the "licensor") for
ongoing usage of an
asset, usually an
intellectual property
(IP) right. The royalty
for a given case is
determined by many
factors including:
market drivers and
demand structure,
territorial of rights,
exclusivity of rights,
inherent risk, strategic
need, fundability, deal
structure, level of
innovation, stage of
development,
sustainability of the
product, and
availability of similar
technologies.
Navigating through the
royalty terms is
important. You commonly
have both an advance
royalty, which is a flat
fee paid upfront, and
ongoing royalties, which
are paid as a percentage
of every sale you make.
The advance
royalty is
basically a
guarantee
that the
licensor will
get some money even if
your product does not
sell. Then, if and when
your
product
sells, the
licensor will get a
percentage of the
sale on average, about
5 percent of the
wholesale price of each
product sold.
The licensor usually
decides what the
royalties will be, and
those rates are pretty
firmly set. So make sure
you understand what they
are and that they are
spelled out in your
licensing agreement to
avoid any surprises
later. In fact, that
agreement is crucial in
determining not only
what the licensor
receives, but also what
rights you get.
So what should your
very first action be:
-Getting a
servicepatent,
perhaps?
-Going on a fact-finding mission to
manufacturers in China?
-Calling QVC?
While all these steps may be appropriate
down the line, it's critically important
that you first take action by shifting
your thought
serviceprocess. I know what you're
thinking. Thinking doesn't seem very
actionable, does it? Maybe not, but over
the years, countless
inventors make
devastating mistakes based on false
beliefs and inaccurate assumptions.
For this reason debunking some common
myths associated with inventing is
important. Myths and misperceptions can
be debilitating to your progress and
costly to your pocket book. Although it
may not seem very "actionable," it's
vital to begin the
inventing process
with a realistic understanding of some
of the basics for bringing an
idea to
market.
The following are
among the most common myths:
Myth #1: The
first thing an
inventor should do is get
a
servicepatent.
Truth:
It's understandable why this is such a
commonly held belief. The topic of
getting a patent is so pervasive among
the inventing literature, conferences,
websites and tv commercials, it's no
wonder that many people feel they can't
move forward without getting a patent
first. Many
inventors spend 80 -100% of
their initial effort and money on
obtaining a patent because that is the
myth that's been sold and supported by
those who stand to profit from it.
Certainly a patent can be a valuable
tool later in the process, but you
should first determine the viability of
your
invention as a business before
moving forward. Remember that filing a
patent has little impact on a successful
product launch & cost $10,000 or more-so
unless getting a patent for its own sake
is your end goal, it doesn't usually
make good business sense to apply for a
patent first thing off the bat. Most
importantly- if you file a patent first,
then encounter overwhelming obstacles
later on, you may have invested in a
patent for nothing.
Myth #2: If I
tell people my idea, they'll steal it.
Truth:
The theft of a new invention idea is
actually very rare. A lot of sweat
equity goes into
developing an invention
and this is a big barrier to most
potential "thieves." That doesn't mean
ideas are never stolen. Keep in mind,
copying and competition are facts in any
business. However, once you have an
understanding of how much work goes into
taking an idea to
market, you'll
understand why most ideas are stolen
only after a product's proven
successful. It's like betting on a
horse. You're more likely to win by
betting on a horse with a winning record
than you are by backing an unproven long
shot. That being said, don't be
careless.
Myth #3: My idea is worth a million dollars!
Truth:
Earning a million dollars with an
invention is less likely than making
slightly lesser amount depending on the
depth of your invention. Study the
process, set realistic expectations,
take action, work hard and you can find
success, especially if you have more
than one marketable idea.
About: Market Your Invention
It is crucial to your
product presentation that you provide a quality Marketing Invention Analysis of your
design concept for maximum impact. Knowledge about your
market demographic, market trends and other information can greatly increase the value of your
presentation enabling you to maximize you potential for sales or licensing your product idea.
Simply follow the step by step
marketing guide to create your Marketing Invention
Analysis directly from your dashboard. You will create a simple concise set of marketing details to show others that your design is exciting and has market potential. Lastly, if you have problems simply contact your
project manager who can answer any questions you may have.
So Easy
Anyone Can Do It!
Questions?
Can't find the answers?
Don't worry about it.
Call us for help.
1(877)897-8804
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