General Questions

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How To Make Money

There are typically two ways an inventor can profit from their idea:

Sell their idea outright

If a company or manufacturer is interested in buying your idea they will typically make you a one time, one lump sum offer for your idea. In this case, for example: if an interested party offered you $100,000 for the rights to your idea you would receive a check for that amount. Please keep in mind that would be the only monies you receive from your idea.

Licensing Agreement

Most inventors will end up licensing their idea to a company or manufacturer. How this works is the company or manufacturer will license your product for a number of years in which they will pay you royalties based on production or sales. The positive aspect of a licensing agreement is that you will continue to receive royalties for the terms of the agreement. You will also retain legal rights of your idea.

Product Royalties

There are typically two ways an inventor can profit from their idea:

What are product royalties?

This is a question every inventor should know the answer to. Product royalties allow you to get paid for your ideas and inventions. Product royalties are usage-based payments made by a licensee (company, person or organization) to the licensor (you) for the right to use an asset such as an invention, idea or intellectual property

What is a product royalty agreement?

Also known as a licensing agreement, product royalty agreements are written contracts that are arranged between an inventor and a manufacturer, or a licensor and a licensee. They typically give the manufacturer or company the right to produce, market and distribute your product for a pre-determined period of time while paying an agreed-upon royalty fee.

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