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July 20, 2023
John Rizvi, Esq.

What Can I Do to Make my Patent Pending Product More Attractive to Companies That License Ideas?

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00:05

Next question is from Lauren G. Lauren is interested in soliciting licensing and partners for her patent pending idea.

00:15
Perfect. So for those inventors that are fairly new to the process of you know, they may not understand what licensing is it's not a license basically is permission. So you've heard the expression that you know, driving is a is a privilege, it's not a right. It's a It's permission to drive. So a license is when you give somebody permission to use your idea. So when you license it, and getting back to this, this is Jay Sorensen was the inventor of the cardboard sleeve, he licensed multiple companies to use his idea, he gave them permission to use his idea. And when you license you, it's a you can think of it as renting your idea to somebody else, he maintained ownership of the patent. He just gave them permission for a set period of time, it could be a year, six months, two years, three years. And for that time period, they use his idea and pay them a percentage of royalty payments. Now G Sorensen made approximately a million dollars a year for over 20 years off of this simple idea. So you you. So Lauren, as far as wanting to solicit a license, if you're thinking along the right

01:27
terms you definitely want to pursue that we can go into later on how you can go about getting that license. A lot of times these companies want to see proof of demand. So if you haven't sold anything, it's a lot harder to get a license. So today, you're able to go on, create an eBay store, go on Amazon, create a website, and you don't have to have huge numbers just have to have enough sales that it doesn't look like it's what they call friends and family sales. It has to be a high enough number, which generally seen as about 200 people most the average person has about 200 contacts total. So if you start getting sales numbers above that, then they start looking at it as real sales, arm's length relationship, people that are buying because of the product, not because of the close relationship with the inventor. I mean, your mom's gonna buy anything that you invent. So that doesn't count your grandmother, your spouse, your kids. They want to see proof of sales and demand beyond that.

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