Can i license a product without a patent

Many products and services are sold that are not patented. Therefore a patent may provide you a competitive edge against your competitors in the marketplace. But, a patent is not a grant of permission to make your product or provide your service. A patent will not protect you from claims of infringement by others. This should be high-quality so it's convincing. There are 10 normal categories that should be covered.

There should be solid research that's done on them and a summary should include the following:. Licensing ideas you have is a good way to work with other businesses, create relationships, and make a profit all at once. Entrepreneurs often build their wealth and success on their ability to find employees who have unique ideas that stand out. However, many leaders and innovators don't know what to do once they have an idea.

Companies are starting to understand that great ideas can result from anyone and anywhere. They know that any collaboration benefits outweigh what the potential risks are. Due to this, they've started looking at ideas that are produced outside their company. Licensing ideas are a good way to improve the company by giving it a secondary stream of revenue. This also creates strong relationships with other players in the industry that are mutually beneficial. If you need help with licensing a product without a patent, you can post your legal need on UpCounsel's marketplace.

Ultimately, the company isn't looking toward the future if it decides to shut the door on open innovation. So here's how I sell them on my idea. I ask the company to pay me a 3 percent royalty rate while my application is pending.

In the event that the patent is granted, I ask the company to pay me a 5 percent royalty. If the patent isn't granted, I tell the company it will only have to pay me a 1 percent royalty rate for my efforts. This strategy guarantees that everyone wins. And finally, instead of paying for my own patents, I negotiate my licensee to do so. After all, it's in both of our best interests. If you follow this strategy, you won't waste money filing for a patent on an innovation that is not going to result in a commercially viable product.

So few patented innovations ever do. Don't fall into the trap of believing you own anything. You don't. When it comes to business, ownership is a truly gray area. But that's actually a good thing. You just need to find a way to make it work for you instead of against. Top Stories. Top Videos. Getty Images. Sponsored Business Content.