🔍 Inventor's Tip of the Day 🔍 Maximizing Your Intellectual Property with Licensing Revenue Did you know that you don’t always have to produce or market your invention yourself? Licensing your intellectual property (IP) can be a powerful way to generate passive income while allowing another company to use, produce, or market your invention. By licensing your patent, trademark, or copyrighted work, you can earn royalties while leveraging the licensee’s expertise and resources to reach new markets. Pro Tip: Always negotiate the terms of your licensing agreements carefully. Set performance benchmarks and minimum royalties to ensure that your invention or creative work is used effectively and that you receive a fair share of the profits. Additional Tools and Resources: 1. Licensing Executives Society (LES): A global organization that provides educational resources, networking opportunities, and expert guidance on licensing intellectual property. Learn more at https://www.lesi.org. 2. IPWatchdog: Offers in-depth articles, webinars, and resources on patent licensing and monetizing intellectual property. Visit their website at https://www.ipwatchdog.com. 3. Licensing Expo: Licensing Expo is not an agency but rather the world’s largest licensing trade show. It provides inventors an opportunity to connect directly with brands, manufacturers, and companies looking for new products and ideas to license. Attending this expo can offer direct networking with potential licensees. Learn more at: https://www.licensingexpo.com Stay informed, stay protected! #InventorTips #Licensing #PassiveIncome #IntellectualProperty #Innovation Sources: USPTO General FAQs, Licensing Executives Society, IPWatchdog Check out more of the great inventor resources available to members in the Inventor Smart Community App at https://app.inventorsmart.com/folders/9.

Posted by InventorTips at 2024-10-01 14:02:06 UTC