What this means in layman’s
What this means in layman’s terms is that you can begin to market your invention and gauge how much interest (if any) there is before deciding to file for a non-provisional patent. In the meantime, you can market your invention with the full rights and protections of a non-provisional patent. If you have ever seen “patent pending” on product packaging or commercials, it is because the company in question filed a provisional patent application with the Patent and Trademark Office.
If you are smart and work quickly, you can use that 12 month period to hustle your idea and generate interest in it. By the end of that time you should have a very good idea of whether it is worth applying for a non-provisional patent.
Step: Decide on your track
There are several “tracks” you can take to bring your product to the marketplace.One track is to become an “outsource entrepreneur.” In this way, you essentially become a hired gun. You, the inventor, perform the tasks of researching and developing the product. Then, you “outsource” the manufacturing and marketing to partners with money. Those partners will develop, market, and fund the startup costs. In return for their greater efforts, they will receive a greater return. The benefit to you, however, is that this is one of the quickest ways to bring a product to market and exit with cash in hand. If you are a serial inventor, this can be a great way to build up some cash and move on from one idea to the next.
A second track open to you is licensing or selling your patent outright. Very simply, licensing is when another company takes over your new product idea and cuts you in on the sales via royalties. While selling a patent is fairly self explanatory on the surface, you should seek consultation from a lawyer prior to finalizing an agreement to ensure all legal documents are in place. Licensees can be manufacturers, marketers, or basically anyone who wants to carry your product into the market and pay you for the right to do so. Licensing arrangements are also flexible; some licensees take on all the risk, some take on less. However, most companies will only license a product if they are more or less sure it will succeed. Therefore, it is up to you to convince them of your product’s prospects.
The disadvantage of licensing is that the earning potential is a bit lower than outsourcing, but the tremendous upside is that once you license a product you basically have no more responsibility to the product.
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