From the Internet to the appliances you utilize in your kitchen, all the way to the shoes on your feet, every single product out there started out as a bright idea. A single concept has the power to make an individual into a millionaire, hence, if you came up with a design that is innovative and different, you might be thinking about selling it to a multinational organization.
Nevertheless, could you sell it without a license? How could you protect yourself and is there anything that you need to know? Fortunately for all entrepreneurs that are wondering the same thing, the article below will shed some light on the entire topic. So, here is all you should know about trading your design without patenting it first:
Will I Be Able to Sell Without Patenting?
The very first question that you’ll want an answer to is whether or not you could actually sell one of your designs without a license. To put it as simple as possible, yes, you could sell it, but, there is one catch – you must ensure that you stop the firm from stealing it from you. Naturally, there are a few things that you could do that’ll prevent this from happening to you, which includes the following things:
1. Offer The Company an NDA
One of the things that you could opt for is approaching and offering an organization to sign an NDA or non-disclosure contract with you. If they opt for signing it, they won’t be capable of telling other people about your invention and if they do, they’ll basically be breaching the agreement you’ve signed with them. This means that, if they reveal anything about your it, you could choose to sue them – something that all companies want to avoid.
So, signing an NDA, it’ll prevent a group from utilizing your idea without paying you. Now, a lot of corporations won’t sign it because it’s basically an invitation for someone to sue them, however, you should still offer a firm the option to sign an NDA with you. Naturally, if they refuse to sign a non-disclosure contract, there are other things that you could try, which leads us to the next point in our list…
2. Apply For a 1-Year Patent
If you did some digging online, you’ve probably discovered that licenses cost a lot of money. But, while researching, you might have also come across a 1-year patent. Now, these are much more affordable and quicker to obtain than a traditional patent, however, you should know that it’ll, as the name implies, only last for one year (12 months). Nonetheless, if you think that your plan is concrete, this time period might be sufficient for you to make a deal with a particular firm.
By applying for this particular type of patent, you won’t have to worry about someone stealing your scheme or several of them, mostly because you’ll be completely legally protected from it, and more importantly, you’ll also earn money. Additionally, it’s worth mentioning that you could temporarily patent it by using the traditional method, and if so, you could find some amazing tips for doing so at Invent Help.
For more information check out https://kulturehub.com/inventhelp-step-by-step-guide-inventor/
3. License it!
Another option that you have is to license your idea to a specific organization. After all, there is a wide range of companies that are searching for innovative and resourceful people, and they’ll pay a really nice amount of money to obtain new inventions that could help their organization thrive.n So, if the idea you have is truly unique and special, you could choose to start making revenue from it by licensing it to such corporations.
It’s worth mentioning that each firm will have a different interest in obtaining new inventions, thus, before you choose the first one that offers some money to you, you may want to speak to several corporations, adjust the terms and conditions, and of course, exchange your invention! Licensing will enable you to work with a particular firm for a long period of time and it’ll also bring some cash into the picture, thus, be careful when selecting with whom you’ll work.
4. Simply Sell it
Lastly, you might not want to go through the process of petitioning for a license or copyright, and if so, one of the things that you could opt for doing is simply sell the idea you have as intellectual property to a firm. Now, you should know, these sales can either be done online or in person, nonetheless, most professionals and experts believe that it’s best if you do it in person, mostly because you’ll be able to negotiate the terms better.
Keep in mind, although this is the simplest method that you could choose, it won’t protect you or your scheme. This means that you’ll sell the right to it entirely, thus, if it turns out to be something great and amazing in the end, you’ll most likely be left without acknowledgment and revenue. After all, you sold it to someone just like you would sell your old computer or smartphone, meaning that they’ll have the rights to it instead of you.
Don’t Forget to Ask For Help!
Before we conclude this article, you should know and remember that it’s very important for you to ask for some help from professionals in the industry. Thus, before you go ahead and sell your idea by using any of the aforementioned methods, talk to your legal representative or an organization that specializes in helping people patent their inventions. By doing so, it’ll be easier for you to determine what needs to be done, and more importantly, you’ll most likely be protected.
Although most entrepreneurs don’t realize it, it’s quite possible that you sell a specific innovative idea without patenting it first. But, the most significant thing you’ll need to do is to ensure that no one steals it from you, which is why you should opt for one of the protection options we mentioned in our list above.
Since you now understand what you’ll have to do, you really shouldn’t spend any more time reading about the options you have. Instead, go through our list one more time, determine what approach is the most suitable for you, guard your idea, and then sell it to a particular organization in order for you to make a profit from it.