Published 06/11/2019 by Marin Cionca
Many inventors hope to monetize their invention by licensing it to large companies. While this is possible, from my many years of experience, I have realized that the inventors that are likely to be successful are the ones associated with the following situation.
First, the invention has to be great, in terms of being a significant improvement in the technology and having a significant market demand. Naturally, when that is the case, strong patents for the invention are also likely to be obtained.
Second, the inventor has to be someone with a significant background in the respective technical field. For example, I have seen inventors who have worked in the respective technical field for many decades and then conceived the new invention and were successful at licensing their new invention to big companies for significant amounts of money. That is because an inventor who has such a background offers credibility when engaging with the potential licensee. Moreover, because of the prior career in the industry, such an inventor already has relevant contacts, and even more importantly, the right contacts, providing them the opportunity to pitch the invention to the right industry players.
Furthermore, I have seen more than one time, that such an inventor is also needed and solicited by the licensee to come onboard as an employee or as a consultant for the licensee, to help launch the new product or service embodying the invention into the marketplace. So, not only is the inventor paid a significant amount of money for, as an example, royalties for the invention, but the inventor is also paid for assisting the licensee in commercializing the invention. In addition, not only is the inventor paid for his experience and know-how, but the experience, it should be noted, helps seal the deal with the licensee and get the licensing agreement going.
In conclusion, you need the following ingredients, mixed together, for a great licensing deal to be more likely to happen. They are (1) a great invention and (2) significant experience in the respective technical field. The experience in turn brings access to industry players, credibility and demand by the licensee for that industry experience of the inventor. If you have these ingredients, you are likely to monetize successfully your invention via licensing. Just make sure you protect your invention by securing strong patents for it. That is because a bad patent can risk ruining the deal. I have seen that, too.
Disclaimer: The views and opinions expressed throughout this blog are the views and opinions of the individual author(s) and/or contributor(s) and do not necessarily reflect the views and opinions of our firm, CIONCA IP Law. P.C.
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