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Calling all inventors, entrepreneurs and small business owners!

Invention-Con 2017 is August 11-12 in the Madison Building at the USPTO Alexandria, Virginia headquarters. All independent investors, entrepreneurs, and small business owners (as well as their IP professional employees) are welcome to attend.

Attendees can listen to plenary talks, participate in small-group breakout sessions, and hear from USPTO officials and experts who will present information on patents, trademarks, and other IP matters and topics of interest to small businesses.

This is a great opportunity to get updates on things going on in and around the patent industry!  We here at New Product Consulting will be watching as the industry continues to progress and makes changes that are hopefully beneficial to all of us out there working in new product development!  If you have an idea and need help please contact New Product Consulting at 888-680-4869 or brian@newproductconsulting.com

Have a great Fourth of July!

NPC

“I have a new invention that I’ve been working on. I’m just not sure how to actually go about producing and marketing my invention.  Do I need to arrange for manufacturing on my own, which seems like a challenging process in itself, or are there other options that I can explore for producing and marketing my invention?”

Ultimately, after securing a patent (or patent-pending) every inventor reaches a crossroads where they need to decide how to proceed with commercializing their invention.  Do they develop, manufacture and market the product on their own?  Or do they explore partnering/licensing with a company who will then bear much of the financial risks of proceeding?  Whatever the case, after the idea has been protected with a patent, the inventor must weigh these options and decide which one is the right choice for his or her specific situation.

If you are new to the business of inventing or are not really sure how an inventor actually makes money from an invention, consider the following options.

Licensing the invention for royalties:

A license agreement is when the inventor [licensor] agrees to let a third party [licensee] commercially use his invention for a period of time.  Typically, the inventor would receive either an ongoing payment called a “royalty”, (calculated as a percentage of sales of the invention) or a one-time lump-sum payment.  The company/licensee normally proceeds with developing, manufacturing and marketing the invention, which allows the inventor to shift these cost and risks to the licensee.  Also with licensing, the inventor can rely on the company’s experience and established business to boost the product’s chance of success.

Assigning or Selling the Invention:

When the inventor assigns his rights, he is permanently transferring or selling ownership in the invention/patent.  The inventor may receive a lump sum payment or a series of payments.  The difference between a “license” and “assignment” is in the transfer of rights.  With a license, the inventor can retain patent rights (like “renting” the patent), and with an assignment they transfer their rights (i.e., sell it).

Developing & Manufacturing the Invention:

Typically, entrepreneurs with aspirations of turning their inventions into a business where they would sell their product would be the best candidates for manufacturing.   Manufacturing and marketing an invention can be an exciting and rewarding approach for some inventors but the process should be looked at more as a business venture, as it requires the inventor to have substantial capital and a well thought out plan on how to develop, manufacture and market their idea. Manufacturing is very different than finding a company to license the invention, and should not be jumped into without examining the risks and carefully planning the best route for success.

If you choose the path of developing and manufacturing your invention on your own, you maintain far more control of your invention.  But you also assume the various risks and costs associated, such as: research, engineering, tooling, molds, inventory, warehousing, freight expense, distribution, etc.  You also assume the investment of your own time, which for many inventors who hold full-time jobs, is difficult.

For some inventions, little development and setup is required, which can simplify the manufacturing process.  Other, more complex inventions may require far more investment.  Minimum order requirements can also present inventors with a challenge, both financially and in terms of storage space.   For the inventor who finds these aspects of manufacturing to be too costly, too difficult or too much of a hassle, seeking a licensing agreement could be a more suitable solution.

Now that you have a better understanding of the options for commercializing your invention, it is easier to see why it’s important to think through the options and determine what makes sense for your situation.  It doesn’t make sense to select one approach such as manufacturing your invention when licensing may have been a better solution for your situation.

It is important to remember that while neither licensing nor manufacturing is a guaranteed success, taking the time to understand the options for taking your invention to market and thinking through what your goals are prior to leaping into either option will help you take the path that’s right for you and your invention as you continue along the road of inventing.  No matter which option you choose, New Product Consulting can assist you with everything you need!

For more invention information and a Free Consultation please contact us at New Product Consulting!

After a great presentation at the National Hardware Show in Las Vegas this year we are happy to announce that QVC has chosen to work with one of our latest products, The Beverage Buddie!  Congratulations to inventor, Kim C. of the Beverage Buddie glove!  We are so happy for you that they have chosen your product!  We are expecting big things in the future from this relationship!  It is an honor and a privilege to work with the QVC team.  Big things to come Kim!