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I have what I think is a great idea

West Des Moines, IA |

I have an idea or a patent I would like to share it with a specific
company.But I would like a slice or a profit for my idea if it sells. What do I or what are the steps to follow.

Attorney Answers 3

  1. Always, the first step in marketing your invention is to avoid getting scammed by staying away from the invention promoters. When you are targeting a specific company, the promoters are worthless to you and will take your money without helping you.

    It will sound self-serving, but what you need is a patent licensing expert who has done it before, and best is one with prior experience licensing that company. That gives contacts and credibility.

    Another thing you need when you have a specific target for licensing is proof the product or method will sell and make money for that company. Having sold some and having orders to be filled is often the best way.

    Another thing you need is protection, usually in the form of a patent or patent application. Otherwise the company can just take the idea without paying. You will not get a secrecy agreement unless you have tremendous reputation and clout, which is very rare, so patent protection is usually crucial.

    Next, you should have a catchy brand name (trademark our servicemark) and have at least applied for registration, so the company sees a bigger, more professional package being offered to them exclusively that might give them a valuable commercial advantage.

    Finally, to be effective and safe you need an attorney to protect you and make the package complete and to show the company you're a pro they can trust and who will be easy to deal with but not easy to cheat.

    It's a daunting task, rarely successful and not cheap, but can make you rich if you have the right idea at the right time presented and protected in the right way.

    Good Luck and fulfill the American dream!

    I am not your lawyer and you are not my client. Free advice here is without recourse and any reliance thereupon is at your sole risk. This is done without compensation as a free public service. I am licensed in IL, MO, TX and I am a Reg. Pat. Atty. so advice in any other jurisdiction is strictly general advice and should be confirmed with an attorney licensed in that jurisdiction.

  2. Consult an IP attorney and approach the company with a Confidential Disclosure Agreement.

  3. Mr. Burdick offered a very generour overview. I agree that you should discuss your plans and objectives with a lawyer in private so a best course of action can be reached.

    Most of us here, including myself, offer a free phone consult.

    Best regards,
    Natoli-Lapin, LLC
    (see Disclaimer)

    The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the areas of business law and intellectual property to entrepreneurs, small-to-medium size businesses, independent inventors and artists across the nation and abroad. Feel free to call for a free phone consultation; your inquiries are always welcome: CONTACT: 866-871-8655 DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.