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    Should I license my patent or start my own business?
    So, I currently have a patent pending on a simple device that is not too hard to manufacture. The product is simple in design, but I admit that in order to make sure sales are successful, there is a degree of education the consumer will need to fully understand the general application the product could have in their lives. My question is, should I license the patent to a large company already in the market with the resources needed to educate the consumer or should I go through the hoops of trying to create a brand out of my product on my own?

    I've done some research on license agreements and it doesn't seem too appealing due to the small percentage that would be made off of the sales of the product.


    What are the advantages and drawbacks of either option?

    Thank you for your opinions and knowledge.


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    is only name and design of product be regestired , how to regiester????


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    As you are saying that it is a very small product. first you start small business with that and later on apply for patent and you will be successful.


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    It all depends on what you ultimately want to do with the product and where do u see the product sale in the near term say 3-5 years. If u are extremely convinced about the viability of the product. This can be done through some basic market research and speaking to companies or people in that industry. You need to create a proper business plan to understand the financial viability of the product. The next question you need to ask yourself who is the target audience that I would like to tap and are there companies that have the ability to tap the audience that you are looking for. You then need to see what is the USP of the product that u developed and why should any company pay you a royalty for the patent that u lease to them. Finally how do u then approach these companies if u decide to lease the patent to them. If you decide t how do u get in touch with them what is the basic infrastructure in place before you start executing
    Once you get the answers to these basic questions u will be able to decide which option probably works better for you as there is no straight forward answer.


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    First of all, I believe that having a patent on something, regardless of how big or small, how sophisticated or simple it might be, is a great thing, and it could end up being something that could bring you to profit in the future. Never underestimate the universe, as most of the time success comes as a result of some unexpected and extraordinary chance you get, so prepare yourself and grab it when you have the chance to do so. It's hard for me to say which one of these would be better for you, but I think that if you will find a financial coach and you will ask him, he will tell you that the best thing you could do is to do them both.


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    Last edited by RebeccaCameron; 04-23-2021 at 11:28 AM.
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