Once a patent has been issued, the $60,000 question becomes, "How do I turn it into a money-making product?"
With any luck, there is more than a $60,000 answer. In many instances, however, the solution does not involve the patent owner turning his or her attention to manufacturing. Turning a patented idea into an actual product requires:
- Developing a production facility
- Hiring skilled employees
- Sourcing raw materials
- Managing quality control
- Marketing the product
- Hiring and managing distributors and sales representatives
Many patent owners achieve the same satisfaction of bringing a product to market without the headaches of production by licensing their patent to another company that is more experienced at manufacturing, marketing and sales.
A patent license agreement excludes others from making, using, offering for sale or importing the new product without the patent owner's permission.
We also create nondisclosure agreements for patent owners who wish to protect themselves while shopping a patent around prior to signing a patent licensing agreement.
Turning A Patent Into Profits
At Eldredge Law Firm in Fort Worth, Texas, and Denver, Colorado, our experienced patent licensing attorney helps inventors throughout North Texas and around the U.S. bring their inventions to market through patent licensing agreements with manufacturers.
A patent license is a legal contract that sets terms and performance obligations that the licensee must comply with. Failure to comply with any of the obligations may result in the termination of the license agreement.
It is important to note that a license agreement does not automatically mean that an inventor is giving up rights to his or her invention. A patent holder can limit the scope of the license in a way that even lets him or her license the same product to other companies.
Richard G. Eldredge is an experienced patent lawyer who will help you make the best decision in determining your next step once a patent has been issued. Call 682-990-2073 or use the contact form on this website to schedule a consultation. Mr. Eldredge will be happy to review the facts of your case, answer your questions and recommend the best steps to take.