If you are an independent inventor, you should consider licensing or selling your patent rights to a manufacturer and receive a payment or start receiving royalty fees. When you have applied for a patent, and you have a patent pending status, or when you have already obtained the patent, you have two options. The first one refers to selling that patent to an existing manufacturer, whose responsibility will be to manufacture that product, market and sell it. In exchange you receive a one-time payment, upon which you will agree with your buyer. Your second choice would be to license your invention. You can do that even if your product is not patented, but the process can be a little more complicated under these circumstances.

You can license your invention to one party or to more. The first is referred to as exclusive license. The second, known as non-exclusive rights, means that more entities, including its owner, which is you, can use it simultaneously.

When licensing your invention, the license grant will have to cover several issues, such as the period of effectiveness for the license; what territory will be covered; how will manufacturers use your invention; and what the royalty fess will be. Creating a field of use license may also be a good idea. This means that different parties are allowed to manufacture your invention at the same time, but in each case it has to be manufactured for a different purpose.

Once you have established that this is the way you want your invention to be presented to the open public, by licensing it, you have to find companies or manufacturers that may have an interest in your invention. You can either start the search on your own, which can be a very daunting task, or you can let other people do all this for you, and simple present you with a list of companies that you can make a selection from.

If you decide to do it on your own, you should make up a list of at least fifty manufacturers that you think would be interested in your product, and you can do so by looking in magazines and stores for similar products. Then, you should send a marketing letter to each company from the list that you have just drawn up. A professional brochure and a contact address, preferably online, should accompany this letter. After which you wait. If the waiting periods exceeds one month, maybe you should contact them, directly, to see whether they have any interest in the invention you want to license. In case they don't, it's time you focused on another company.

Or, you could do this in a more simple and efficient way. You can contact a company that specializes in finding license inventions fro interested manufacturers or buyers, They will take care of all the steps listed above, and will be able to do so in a very easy and efficient way, because they are professionals. It's no waste of time and money on your part, and the results will be at least satisfactory, meaning that if your invention has potential, they will be able to present you with an extended list of prospective buyers.

If you want to sell your patent, the process is similar. Once again, you should resort to a team of professionals to mediate the contract that you will be signing. You have to provide them with detailed information about your sell patent, as well as about yourself, as its inventors, and they will make sure they present it to their list of interested buyers, and make a selection of what your best choices are. Their involvement in the licensing or selling process is entirely up to you.

When you decide to sell patent, be it a product that improves the quality of life, a beautifying product, engineered parts, software systems, etc. you should definitely get the help of specialists to find you potential buyers. If you decide to do this on your own, you may be missing out on a chance to sell your patent for a huge sum of money, or license your invention for incredible royalty rates.