Inventing For Money: A Free Guide to Licensing Inventions
- Are you an independent inventor?
- Do you have a great new idea or invention, but aren’t sure how to move it to market?
- Do you want to sell your idea to someone with the resources to manufacture and distribute your idea, and earn a percent of each sale of your product?
Carr & Ferrell has created a free new resource, Inventing for Money: 7 Steps to Selling Your Idea, to help inventors protect, market and ultimately license their ideas for a profit.
Our firm serves a broad spectrum of entrepreneurial clientele that include both global corporations with household names andindependent inventors hammering away in their garages (as well as companies at the various stages of development between these extremes). For this latter set, we have assembled a completely free, accessible, comprehensive how-to guide to help the independent entrepreneur profit from his idea or invention (without wasting time, money and effort).
There are countless companies on the Internet offering to help inventors become rich from their inventions. For a fee (and a percent of the royalties earned once an invention is successfully licensed), these middle-man marketing companies produce glossy market-analysis reports, 3-D prototype models, and make references to “extensive databases” of potential licensees. The truth is that many of these marketing companies make virtually all of their money from the initial inventors’ fees, not from royalties – because, at the end of the day, only a handful of their clients ever do license their ideas.
These marketing companies have built their businesses on a simple truth: the process of monetizing an invention can be daunting. Many inventors – experts though they may be in their own industries - are intimidated by the business side of inventing; that is, the side that moves great ideas from the work bench to the department store shelf.
The Seven Steps is a roadmap, created by firm co-founder John Ferrell based on his 25 years of experience working with inventors. It was designed as a practical guide for inventors, and explains each step in the process of monetizing an invention, from the first steps of conceptualizing and protecting an idea to papering a lucrative final license agreement.
by Aylin Demirci, Senior Counsel, Carr & Ferrell LLP
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