Obtaining patent protection is one of the first steps in developing a product. Patent law firms typically do not provide any service in developing a patented item.
Exposure is the KEY TO SUCCESS!
If no manufacturer (licensee) were ever to be exposed to your idea, then you have no chance of obtaining a cash buyout settlement or a lucrative licensing agreement.
There are two ways that companies can do this. They can license the patent by buying the permission to sell and create your product to expand their product line.
They can also purchase the patent. By buying the patent in a lump sum, the company gains exclusive rights to your product or idea, using it how they choose.
With licensing, you still own the patent and can license it to anyone who pays the licensing fee. Selling the patent to one company means only that company can produce and sell the product or use the idea.
Once a manufacturer / licensee express interest in a product, inventors need an experienced licensing law firm that has a track record in closing licensing agreements. It can be a very tricky path in negotiating the most lucrative deal and being able to negotiate what is the fair and optimum percentage.
United Patent Research is proud to be working with Universal Licensing on a contingency basis for licensing. Universal Licensing is an experienced licensing law firm with more than 100 licensed products. Universal Licensing specializes in helping inventors profit from their ideas requiring no upfront fees from the inventor.