Idea Design Studio says that first, it is important to understand what is a license.
What is a license?
Idea Design Studio says a license is simply an agreement in which you let someone else commercially use or develop your invention for a period of time. In return, you receive money – either a one-time payment or continuing payments called royalties. As owner of the invention, you will be the “licensor” and the party receiving the license for your invention is called the “licensee.”
Advantages of licensing
Idea Design Studio explains that what makes a license appealing is that the licensee assumes all of the business risks, from manufacturing to marketing to stopping those who infringe on the product’s patents. The inventor/licensor sits by the mailbox and waits for the quarterly royalty checks.
How to license your invention
And finally, Idea Design Studio says when you seek a license, you’ll need to take the following steps: find the right people to review your idea, get the money necessary to develop and protect your invention, and present your invention to a licensee in a marketable fashion.