Licensing can be a viable and profitable alternative to creating a new company. The potential for wealth creation is lower with licensing - but it is also a lot less risky. When you license your invention, you transfer the risks of developing, manufacturing, and marketing your invention to the licensee (the company).
One of the keys to successful licensing is to identify the right potential partners and find ways to meet with them and tell them all about the advantages of your invention. You need to be a salesperson and really push on the specific advantages your invention has vis-à-vis this particular company. This means you really have to do your homework and learn all you can about each company you plan to meet. You then need to be very persistent in trying to arrange meetings with a champion that you have identified within the companies.
The following will provide an overview of the process and provide you with tips and links to help you license your invention to the best possible company.
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IP Playing Field - Your Roadmap Through The IP Market Place
