How to License or Patent an Idea

It may be a long, complex process between having your invention patented and then licensing it for a profit. Nevertheless, if your invention is good, licensing your idea could reward you substantially for years to come. When it comes time to license your idea, you will be able to give exclusive or non-exclusive rights, in which your income will grow the more your technology is used. In order to be successful, there are several specific steps you must follow to license or patent an idea.

• 1

  Create a tangible product from your invention idea. You need to be able to describe your invention in detail with drawings and a prototype to file your patent.

• 2

  Research the U.S. Patent and Trademark Office for previously patented inventions to see whether any aspects of your patent violates the patent rights of someone else. Do a "prior art search" to see if a once-protected patent has now expired, making it free to use. Also, as of 2010, Google offers a patent search to anyone with Internet access.

• 3

  Make sure your invention is useful, novel and non-obvious, according to the legal definitions for patent law. Ask an intellectual property attorney to help you interpret the law, if needed. The Patent and Trademark Office requires you to submit written and graphical applications that specifically show your patent claim to be non-obvious, novel and useful.

• 4

  File your patent application with the Patent and Trademark Office. File online or through the mail. Filing fees vary depending on the type of invention you claim and the type of application you submit. Typically, there is a filing fee and an issue fee if your patent is accepted, and maintenance fees to maintain legal protection.

• 5

  Answer objections and answers from the office regarding your patent application. This process may take several months and require you to amend your patent application many times. In addition, it may take two or more years for the final approval from the agency.

• 6

  Search for licensees for your invention. An experienced intellectual property lawyer can assist you in finding potential licensees. Trade associations are a good example of potential licensees.

• 7

  Negotiate a license and draw up an agreement. Decide if you would like to license your invention non-exclusively or exclusively. Licensees may pay more for exclusive rights to your invention, however, this prevents you from legally licensing your invention to anyone else.