Assuming that you already have a patent and a working prototype of your invention in place, the next step in monetizing your invention will be to get it produced or manufactured. A licensing agreement will be required. That said you are likely to need to find someone who can help you with this. There are many ways to find people or companies who can do this for you, here are 5 options.
Social networking. If you are not doing this yet, then now is the time to do so. Join social media and networking sites like Facebook, Twitter, Linked IN and the like. Create a profile, its free by the way, and start linking up with friends and people in the game. All these social media sites will have some sort of search function that you can use to locate companies and people dealing with invention licensing and production. Link up with anyone you find relevant by sending them a private message. You may promote your invention on these sites and wait for people to start inquiring as well. Simply make a video of your prototype working, upload, and share.
Trade shows. Another way of finding the people who can license your invention will be visiting various trade shows. These events normally feature both inventors and corporate buyers. You can easily network and find people willing to take your idea on or you can sign up for a booth and display your invention. In any case, if you want a schedule of the different trade fairs and shows coming as you can see from https://pathofex.com/invention-journey-with-inventhelp-patent-services/.
Online forums. Another option that you can explore that can immerse you in the field will be to join an online forum or organization dedicated to inventors. Normally, these forums will have a lot of information and resources that can help you find a licensing formula suited for your invention. The forum will be full of other inventors that can point you in the right direction.
Patent lawyers. Hiring a patent lawyer, such as InventHelp patent attorney, to work with you as you go through the motions of patenting and licensing is highly recommended, especially if you find the whole process somewhat confusing. Furthermore, your lawyer can help you find licensees that will be interested in your invention. Your lawyer can draw up the agreement should you come to terms with a buyer.
Intermediaries. These companies evaluate the uniqueness and market relevancy of your invention and link you up with collaborators, buyers, and manufacturers within their network. They will handle the licensing agreements as well.
Once you do find what you are looking for, know that you will want to negotiate the terms of the agreement beginning with the royalties you are entitled to. Make sure that you are entitled to at least 3 to 5 percent of the net sales of the product.
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