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:

  1. Create a new innovative product that is currently not in the market.
  2. 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.
  3.  File a provisional patent application online at the USPTO’s website.
  4. Now that your rights have been secured, contact potential manufacturers in the area who may be interested in producing and selling your invention.
  5. Once a suitable manufacturer is interested, negotiate a licensing deal with them to buy or license your patent.

You can learn more about how to write a provisional patent application yourself here. Detailed information on how to file your application at the USPTO’s website can be found here.

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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