how to Become an Inventor Licensing Agent in 2022

how to Become an Inventor Licensing Agent in 2022

 

Licensing-agents-for-investors

Becoming a licensing agent for inventors is one of the toughest jobs, but it becomes easy if you know the right techniques or steps to take.

 

Many inventors have products to bring to market but don't have the idea and the licensing right to do so, so as a licensing agent it is your duty to help these companies or these inventors.

 

Now I know what goes through your mind, what does a licensing agent do? What are the steps to follow to help your inventors?

 

Well, all this will be explained to you in this article. So relax and read till the end. The table of contents below will give you an overview.

 

What is the License for Inventors?

 

Licensing is getting permission from a company (licensor) to allow your product to instantly enter the market that others have spent decades building.

 

The return is a percentage of revenue from the products or services that have your license.

 

The licensing fees per item you sell are low but add up quickly. You settle for a small percentage, but license revenue tends toward a high margin.

 

There is a good chance of success if you are interested in purchasing the licensing rights to a well-known name or product.

 

Additionally, the retail licensing market is in the billions and gives you an interest in an assumed name that is either well-known or unique, but it also takes marketing and sales to be successful. When used well, licenses can be an effective tool for profit.

 

READ MORE: The highest paid paintings in the world | The 10 most expensive in 2022

 

Who is a License Agent?

 

According to UpCounsel , a license agent is also called a patent agent. This is a person who identifies possible licensees for the licensor's property, shows the property at trade shows, and presents the property and proposals to licensees while negotiating the terms of the contract.

 

For a licensor who does not wish to perform these tasks, hiring a licensing agent is a good idea.

 

Also, a licensing agent helps the licensor develop their properties to be more attractive for licensing.

 

The agent will review the license by obtaining and examining samples of the licensed product and collecting royalties and other payments.

 

Some licensors prefer to receive samples and payments and pay a commission to the agent.

 

READ MORE: 10 fair trade chocolate companies around the world

 

Why do you need a license agent?

 

License/patent agents are highly specialized in a particular area of ​​patent law and are less expensive than attorneys.

 

Patent agents have as much knowledge as patent attorneys when it comes to filing patent applications.

 

In addition, the result with a license agent is generally as good as with a lawyer for requests that are relatively simple and do not require any litigation or legal delay.

 

READ MORE: How the top 11 billionaires made their first million

 

How much do inventors get paid?

 

An inventor can make millions based on the invention made, a good invention can make the inventor last for years, or inventing can be a money pit that never comes back to nothing.

 

So if you want to invent, try to invent smart and try harder if you want to make profit.

 

A recent survey showed that 54 percent of inventors think their invention will make more than $5 million, while 24 percent expect at least $1 million.

 

Getting five or six figures is more realistic, but it only happens if you try harder, invest a lot of money, and don't wait for a jackpot that might never happen.

 

Additionally, inventors in the United States earn an average salary of $53,852 per  year  or $25.89 per hour.

 

READ MORE: What is the debt snowball? Overview and how it works

 

Licensing your product

 

licensing your product can be a very necessary aspect of bringing your product to market and benefiting from your time, effort and money spent.

 

It is also the best option when you cannot manufacture and market your product yourself for financial and logistical reasons.

 

To license your product, a licensing agent will always charge an upfront fee with no guarantee of success and will charge around 30% of the royalty.

 

But the problem is that most people don't know how to license their product. don't worry, we'll show you how to do that.

 

READ MORE: How to Start a Business in Arizona 2022: The Ultimate Step-by-Step Guide

 

Steps to obtain a license for your product

 

First of all have a real physical product ready to display them but if you don't have one you can opt for a quality drawing as the CAD will be more presentable with an NDA or you have to sign a confidentiality agreement before to talk to anyone.

Then protect your product with a patent pending. If you don't have a patent pending, they may pay the price because they will own the rights to your idea if they have an interest.

Once they have evaluated your idea or product, a summary will become the explanation for the presentation. As with any salesperson, you must have a quality constructed presentation.

READ MORE: 15 Best Free Business Checking Accounts in 2022

 

How to Become a Licensing Agent for Inventors

 

Licensing is a perfect business. The beauty of licensing is hard to beat: it's low risk and low cost.

 

While the concept of licensing is simple: you create an idea, submit that idea to a company, and get paid if that product is selected for manufacturing and retail.

 

As with most businesses, licensing is a numbers game. How many ideas can an individual generate?

 

Where can other inventors and industrial designers get it? As you know, the use of open innovation continues to grow. Moreover, almost 97% of all inventions never generate money.

 

This is because most individuals simply don't know how to market their product; they don't know all the steps needed to do it.

 

So, the opportunity to be the best inventor agent for your inventors and get all product ideas licensed is to get an internet connection, a phone, a go-getter attitude and learn the skills to be a licensing agent.

 

So, by doing this, you will see that the sky is the limit for the amount of money you will earn.

 

READ MORE: Best property management companies in the US

 

Conclusion

 

licensing means giving another person or business the exclusive right to use, market, or create your invention in exchange for a profit.

 

The inventor generally receives a portion of the licensing agent's net profit from each sale.

 

So to enshrine your product as an inventor, you will need to find the right company with a strong brand and resources to license your invention.

 

Reference

 

All business

UpCounsel

Wisdom

Mars Rising Network