How to license a product in $65?
Product licensing can be achieved cheaply by spending as low as $65, by filing a provisional patent. So, you came up with an idea for product that does not exist in the market, and you believe it will be a commercial success. In order to obtain royalties from a potential manufacturer, you will have to create a monopoly on the right to manufacture, use, and sell the product by seeking patent protection. This can be done by filing a provisional patent application. Once you have licensed the rights to manufacture the product, royalties are typically around 5 percent of gross sales of a distributor, that is the price at which the product is sold to the retailer from the manufacturer.
The steps to license your product are:
- Create a new innovative product that is currently not in the market.
- Prepare information needed to file a patent application. That will include a detailed description on how to implement or create and use your innovative product.
- File a provisional patent application online at the USPTO’s website.
- Now that your rights have been secured, contact potential manufacturers in the area who may be interested in producing and selling your invention.
- Once a suitable manufacturer is interested, negotiate a licensing deal with them to buy or license your patent.
More information about patents
You can also read the difference between a provisional patent application and a non-provisional patent application here. Finally, you may be needing to file a design patent application instead of a provisional, more information is provided here. If you’d rather prefer to hire a patent attorney to assist you with securing your patent rights before product licensing, you can read about our tips on selecting a patent attorney.
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