In an interview published on Gene Quinn’s blog IPWatchdog earlier this week, Mark Cuban’s first piece of advice for inventors is, “Never use Inventors Services.” I get where he’s coming from. My perspective is: If you want to bring a product idea to market, you need to be the one to do it. You need to be in control throughout the process. Don’t let that intimidate you. Licensing an idea isn’t difficult. There are a lot of steps involved, though. And there’s usually a lot to learn.
What do I mean by “be in control”? You will need to become knowledgeable about prototyping. You will need to think about how your idea could be worked around to effectively establish perceived ownership. You will need to decide what your marketing materials will look like. You’re the one who should reach out to companies to pitch your ideas. You should search for prior art, because you need to understand the landscape. You should be the one to write your provisional patent application.
You can teach yourself how to do this things. You don’t need a middleman. Commit to learning how to do something new. In time, you will realize no one else is actuallycapable of doing a better job of championing your idea across the finish line.
But there’s a catch. There are times when you really should hire a professional to help you. No one is capable of doing everything well. But sometimes stubbornness gets in the way. Don’t inadvertently shoot yourself in the foot by insisting on doing everything yourself.
So, what are those times that you should hire a professional during the process of trying to license an idea?
When you’re creating your sell sheet. I cannot tell you how many times I’ve witnessed an inventor struggling with the design of his sell sheet. Unless you are a professional graphic artist, please, find someone to help you. Your sell sheet will look amateurish if you are an amateur. Websites like Elance and Fiverr have made hiring graphic designers so easy and affordable to do!
When it comes to your patent drawings. Have your drawings done professionally. Full stop. Don’t do them by hand or rely on a photograph. Because hiring a graphic artist has become so affordable and easy to do, there’s simply no reason not to. Having your drawings done professionally contributes to your perceived ownership.
When you don’t understand how licensing deals typically work. What kind of royalty rate should you expect? What’s high? What’s low? Should you ask for money upfront? How much? Don’t blow a deal because you assume things work one way, when in fact, they don’t. If you try to top load a deal or ask for an unreasonable royalty rate, you will come across as too demanding, and not someone the company is interested in working with.
When you’re ready to file a patent. Anyone who insists on writing his own patent to cut down on costs is out of his mind. Good attorneys are worth their weight in gold, especially ones who have litigation experience.
Licensing an idea doesn’t require a lot of capital, which is fantastic. By all means, be frugal. Don’t let fear motivate you to make a decision. Empower yourself with knowledge instead. But also recognize that to become successful at this, you will to invest in the service of others from time to time.
Originally published on Inc.com November 13th 2015.
