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Turning an Invention Idea Into Money

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If you have a patent or have applied for a patent (patent pending) you can attempt to license your invention. Technically, it is called licensing your patent rights, rather than licensing your invention. Another broad term used is technology transfers. Non patented inventions can be licensed as well and the research/marketing methods would be the same, however, extra/different steps would be taken that are not covered here.

Create a list of potential manufacturers who may be interested in your product. (In our lesson on searching for prior art it was suggested that you write down any patent assignees – now you can understand a use for them.) Aim for a list of at least 50 or more. Find manufacturers by looking in stores and magazines for similar products. Visit product related tradeshows. Your local library should have great reference material on manufacturers. Use online manufacturer databases such as the Thomas Register to search for companies that make a product like yours. You can do an Internet search for manufacturers by using the keywords of your product.

   

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